Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class MV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class MV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class MV-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class MV-1 (the "Class MV-1 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class MV-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class MV-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class MV-1 Certificates. The Percentage Interest of each Class MV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class MV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class MV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-4 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-4 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~March 26, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-4 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~MARCH 26, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-4 (the "“Class ~~MV-1~~ AV-4 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ February 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-2 (the "“Class ~~AF-2~~ AV-2 Certificates"”), Class ~~AF-3~~ AV-3 (the "“Class ~~AF-3~~ AV-3 Certificates"”), Class ~~AF-4~~ M-1 (the "“Class ~~AF-4~~ M-1 Certificates"”), Class ~~AF-5~~ M-2 (the "“Class ~~AF-5~~ M-2 Certificates"”), Class ~~AF-6~~ M-3 (the "“Class ~~AF-6~~ M-3 Certificates"”), Class ~~MF-1~~ M-4 (the "“Class ~~MF-1~~ M-4 Certificates"”), Class ~~MF-2~~ M-5 (the "“Class ~~MF-2~~ M-5 Certificates"”), Class BF M-6 (the “Class BF M-6 Certificates"”), Class AV M-7 (the "“Class AV M-7 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-9 (the “Class BV M-9 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates and the Class BV M-10 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~March 26, ~~2002~~2007, the Owners of the Class ~~MV-1~~ AV-4 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-4 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-4 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-4 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-4 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-4 Certificates are exchangeable for new Class ~~MV-1~~ AV-4 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-1 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-1 (the "Class ~~MV-1~~ A-1 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx~~ Harwood Street Funding II, LLC, as Conduit Seller II and Bank One, ~~National~~ Xxxxxxal Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-2 (the "Class ~~AF-1~~ A-2 Certificates"), Class ~~AF-2~~ A-3 (the "Class ~~AF-2~~ A-3 Certificates"), Class ~~AF-3~~ A-4 (the "Class ~~AF-3~~ A-4 Certificates"), Class ~~AF-4~~ A-5 (the "Class ~~AF-4~~ A-5 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class ~~AF-6~~ A-7 Certificates"), Class ~~MF-1~~ M-1 (the "Class ~~MF-1~~ M-1 Certificates"), Class ~~MF-2~~ M-2 (the "Class ~~MF-2~~ M-2 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ July 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx~~ Harwood Street Funding II, LLC or Centex Credit Corporation d/b/x Xxxxex Home Equity ~~Company, LLC~~ Corporation or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ A-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ A-1 Certificates are exchangeable for new Class ~~MV-1~~ A-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ October 25, ~~2002~~ 2006 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ OCTOBER 25, ~~2002~~ 2006 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-2 (the "“Class ~~MV-1~~ AV-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ September 1, ~~2002~~ 2006 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a the seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC Funding,~~ Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-3 (the "“Class ~~AF-2~~ AV-3 Certificates"”), Class ~~AF-3~~ AV-4 (the "“Class ~~AF-3~~ AV-4 Certificates"”), Class ~~AF-4~~ M-1 (the "“Class ~~AF-4~~ M-1 Certificates"”), Class ~~AF-5~~ M-2 (the "“Class ~~AF-5~~ M-2 Certificates"”), Class ~~AF-6~~ M-3 (the "“Class ~~AF-6~~ M-3 Certificates"”), Class ~~MF-1~~ M-4 (the "“Class ~~MF-1~~ M-4 Certificates"”), Class ~~MF-2~~ M-5 (the "“Class ~~MF-2~~ M-5 Certificates"”), Class BF M-6 (the “Class BF M-6 Certificates"”), Class AV M-7 (the "“Class AV M-7 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-9 (the “Class BV M-9 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class M-11 (the “Class M-11 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class BV M-11 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ October 25, ~~2002~~2006, the Owners of the Class ~~MV-1~~ AV-2 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding, LLC, Xxxxxxx Street~~ Nationstar Funding ~~II,~~ LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-2 Certificates are exchangeable for new Class ~~MV-1~~ AV-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2006-B)

Registered Owner. The registered Owner named above is the registered ~~beneficial~~ Owner of a fractional interest in (ai) a pool of fixed rate, closed-end mortgage loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance Corp. (the "Sponsor"), a Delaware corporation, and sold by the Sponsor to Norwest Bank Minnesota, National Association, a national banking association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity ~~Loans listed~~ Loan Trust 1996-4 (the "Trust") pursuant to that certain Pooling and Servicing Agreement dated as of November 1, 1996 (the "Pooling and Servicing Agreement") by and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the "Servicer"), (ii) such amount, including Eligible Investments, as from time to time may be held in ~~Schedule I-A and Schedule I-B~~ the Accounts created pursuant to the Pooling and Servicing ~~Agreement~~ Agreement, (~~as defined below~~iii) ~~which the Seller and the Conduit Sellers are causing to be delivered~~ any Property relating to the ~~Depositor and~~ Mortgage Loans, the ~~Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds~~ ownership of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held which has been effected in the name of the ~~Trustee in~~ Servicer on behalf of the ~~Principal and Interest Account, if any, inclusive~~ Trust as a result of ~~investment earnings thereon, whether in the form of cash, instruments, securities~~ foreclosure or ~~other properties (including any Eligible Investments held~~ acceptance by the ~~Servicer);~~ Servicer of a deed-in-lieu of foreclosure and that has not been withdrawn from the Trust, (civ) ~~proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy~~ Net Liquidation Proceeds relating to the ~~Home Equity~~ Mortgage Loans and (v) any Insurance Policies relating to the Mortgage Loans and any rights of the Sponsor in any Insurance Policies relating to such Mortgage Loans~~, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind,~~ . Such Mortgage Loans and other ~~forms of obligations~~ amounts and ~~receivables which at any time constitute all or part of or~~ property enumerated above are ~~included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively~~ hereinafter referred to ~~herein~~ as the "Trust Estate". SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE. THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. This Certificate is one of a Class of duly authorized Certificates designated as EquiVantage Home Equity Loan Trust 1996-4, Home Equity Loan Asset-Backed Certificates, Class B Certificates (the "Class B Certificates") and issued under and subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Class A Certificates, Class RL Certificates and Class RU Certificates (together with the Class B Certificates, the "Certificates"). ~~The~~ Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Payment Date"), commencing December 25, 1996, to the persons in whose names the Class B Certificates are registered at the close of business on the last business day of the calendar month immediately preceding the calendar month in which such Payment Date occurs (the "Record Date"), the Trustee will distribute to each Owner ~~hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance~~ of the Class ~~MV-1~~ B Certificates ~~over~~ such Owner's Percentage Interest in the ~~period from the~~ Class B Distribution Amount due on such Payment Date. The Class B Distribution Amount as of any date of ~~initial issuance~~ determination will be determined as set forth in the Pooling and Servicing Agreement. Distributions will be made in immediately available funds, by wire transfer or otherwise, to the account of such Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee at least five business days prior to the related record date, or by check mailed to the address of the ~~Certificates to~~ person entitled thereto as it appears on the Final Scheduled Distribution Date for the Class MV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class MV-1 Certificates set forth aboveRegister. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed ~~canceled~~ cancelled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class MV-1 (the "Class MV-1 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class MV-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class MV-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class MV-1 Certificates. The Percentage Interest of each Class MV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class MV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class MV-1 Certificates on the Startup Day. The Trustee ~~or any duly-appointed Paying Agent will~~ is required to duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code or applicable state or local law by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The ~~Home Equity~~ Mortgage Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain ~~Home Equity~~ Mortgage Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying ~~Home Equity~~ Mortgage Loans insured or guaranteed by, ~~CHEC Funding~~the Sponsor, ~~LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC~~ EquiVantage Inc. or any of their ~~Affiliates~~subsidiaries and affiliates and are not insured or guaranteed by the Federal Deposit Insurance Corporation, the Government National Mortgage Association, or any other governmental agency. This Certificate is limited in right of payment to certain collections and recoveries relating to the ~~Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement)~~Mortgage Loans, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have ~~any~~ the right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the earlier of (i) the payment to the Owners of all Certificates from amounts other than those available under the Certificate Insurance Policies of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement upon the later to occur of (a) the final payment or other liquidation (or any advance made with respect thereto) of the last Mortgage Loan in the Trust Estate or (b) the disposition of all property acquired in respect of any Mortgage Loan remaining in the Trust Estate or (ii) at any time when a Qualified Liquidation of the Upper-Tier REMIC and the Lower-Tier REMIC is effected as described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that (i) the ~~Owner~~ Owners of the Class ~~X-IO Certificates~~ RL Certificates, or, if such Owners decline to exercise, the Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may, at ~~its option~~their respective options, purchase from the Trust all ~~remaining Home Equity~~ (but not fewer than all) Mortgage Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any ~~Distribution~~ Remittance Date ~~on or after~~ when the ~~Clean-Up Call Date. If the Owner~~ aggregate outstanding Loan Balances of the ~~Class X~~Mortgage Loans in the Trust Estate is 10% or less of the original aggregate Loan Balance of the Mortgage Loans as of the Cut-~~IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans~~ Off Date and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of the Trust as a REMIC ~~I and REMIC II as REMICs~~ under the ~~Code,~~ Code the ~~Home Equity~~ Mortgage Loans may be sold, thereby ~~effecting~~ affecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in the form ~~satisfactory to~~ required by the ~~Registrar~~ Pooling and Servicing Agreement duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of ~~the~~ like Class, tenor and a like ~~Percentage Interest~~ aggregate fractional undivided interest in the Trust Estate will be issued to the designated transferee or transferees. ~~The Pooling~~ Notwithstanding the foregoing, no sale or other transfer of record or beneficial ownership of a Class B Certificate shall be made unless the Trustee shall have received a representation letter from the transferee of such Class B Certificate, acceptable to and ~~Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof~~ in form and ~~the modifications of rights and obligations of the parties provided therein by the Depositor,~~ substance satisfactory to the Trustee, to the ~~Seller and the Servicer at any time and from time~~ effect that such transferee is not an employee benefit plan subject to ~~time, without the consent~~ Section 406 of the ~~Owners; provided that in certain~~ Employee Retirement Income Security Act nor a plan nor other ~~circumstances provided for in the Pooling and Servicing Agreement such consent~~ arrangement subject to Section 4975 of the ~~Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and~~ Code (collectively, a "Plan"), nor is acting on behalf of any ~~Certificate issued upon~~ Plan nor using the ~~registration~~ assets of ~~transfer hereof or in exchange hereof or in lieu hereof whether or not notation of~~ any Plan to affect such ~~consent or waiver is made upon this Certificate~~transfer. The Trustee is required to furnish certain information on each ~~Distribution~~ Payment Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ B Certificates are issuable only as registered Certificates in minimum ~~denominations~~ denomination of $~~25,000~~ 100,000 original ~~Certificate Principal Balance~~ principal amount and in integral multiples of $1,000 in excess ~~of $25,000~~thereof. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ B Certificates are exchangeable for new Class ~~MV-1~~ B Certificates ~~of authorized denominations~~ evidencing the same ~~aggregate principal amount~~Percentage Interest as the Class B Certificates exchanged. No service charge will be made for any such registration of transfer or exchange, but the ~~Registrar or~~ Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans in Group I listed in ~~Schedule~~ SCHEDULE I-A ~~and Schedule I-B~~ to the Pooling and Servicing Agreement ~~(as defined below)~~ which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group I as may be held by the Trustee in the Certificate Account, together with investment earnings on such ~~amounts,~~ amounts and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); , and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates over the period from the date of initial issuance of the Certificates to the ~~Final Scheduled~~ final Distribution Date for the Class ~~MV-1~~ A-5 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2000 (the first Distribution Date), ) be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement (as defined below) provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2000 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2000-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-5 (the "Class ~~MV-1~~ A-5 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2000 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, ~~Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and Bank One, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2000-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-7 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ A-6 Certificates and the Class BV A-7 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ July 25, ~~2002~~2000, the Owners of the Class ~~MV-1~~ A-5 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A-5 Distribution Amount relating to such ~~Certificates~~ Certificate on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-5 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-5 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Credit Corp Home Eq Ln Asset Backed Cert Ser 2000 B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-3 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-3 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~March 26, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-3 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~MARCH 26, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-3 (the "“Class ~~MV-1~~ AV-3 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ February 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-2 (the "“Class ~~AF-2~~ AV-2 Certificates"”), Class ~~AF-3~~ AV-4 (the "“Class ~~AF-3~~ AV-4 Certificates"”), Class ~~AF-4~~ M-1 (the "“Class ~~AF-4~~ M-1 Certificates"”), Class ~~AF-5~~ M-2 (the "“Class ~~AF-5~~ M-2 Certificates"”), Class ~~AF-6~~ M-3 (the "“Class ~~AF-6~~ M-3 Certificates"”), Class ~~MF-1~~ M-4 (the "“Class ~~MF-1~~ M-4 Certificates"”), Class ~~MF-2~~ M-5 (the "“Class ~~MF-2~~ M-5 Certificates"”), Class BF M-6 (the “Class BF M-6 Certificates"”), Class AV M-7 (the "“Class AV M-7 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-9 (the “Class BV M-9 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates and the Class BV M-10 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~March 26, ~~2002~~2007, the Owners of the Class ~~MV-1~~ AV-3 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-3 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-3 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-3 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-3 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-3 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-3 Certificates are exchangeable for new Class ~~MV-1~~ AV-3 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) the Trust’s right to receive the Trust Portion of any payment received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, but only the Trust Portion thereof, together with investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-5 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2003 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2003 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-AB, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-5 (the "“Class ~~MV-1~~ AF-5 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2003 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A B Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates~~"), Class AF-5 (the "Class AF-5 Certificates"~~”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the Class BV M-2 Certificates"”), Class M-3 (the “Class M-3 Certificates”), Class B (the “Class B Certificates”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2~~ M-2 Certificates, the Class M-3 Certificates, the Class B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2003, the Owners of the Class ~~MV-1~~ AF-5 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-5 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-5 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-5 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-5 Certificates are exchangeable for new Class ~~MV-1~~ AF-5 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2003-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-2 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-2 (the "Class ~~MV-1~~ A-2 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx~~ Harwood Street Funding II, LLC, as Conduit Seller II and Bank One, ~~National~~ Xxxxxxal Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-3 (the "Class ~~AF-2~~ A-3 Certificates"), Class ~~AF-3~~ A-4 (the "Class ~~AF-3~~ A-4 Certificates"), Class ~~AF-4~~ A-5 (the "Class ~~AF-4~~ A-5 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class ~~AF-6~~ A-7 Certificates"), Class ~~MF-1~~ M-1 (the "Class ~~MF-1~~ M-1 Certificates"), Class ~~MF-2~~ M-2 (the "Class ~~MF-2~~ M-2 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ July 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-2 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such ~~Certificates~~ Certificates, on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-2 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx~~ Harwood Street Funding II, LLC or Centex Credit Corporation d/b/x Xxxxex Home Equity ~~Company, LLC~~ Corporation or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ A-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ A-2 Certificates are exchangeable for new Class ~~MV-1~~ A-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans in Group I listed in Schedule I-A ~~and Schedule I-B~~ to the Pooling and Servicing Agreement (as defined below) (which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group I as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-3 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-3 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-3 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-3 (the "Class ~~MV-1~~ A-3 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-4 (the "Class ~~AF-3~~ A-4 Certificates"), Class ~~AF-4~~ A-5 (the "Class ~~AF-4~~ A-5 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-7 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ A-6 Certificates and the Class BV A-7 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-3 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-3 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-3 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-3 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-3 Certificates on the Startup Day. The ~~Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect~~ Certificate Insurer is required, subject to ~~this Certificate in accordance with~~ the terms ~~hereof and~~ of the ~~Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution~~ related Certificate Insurance Policy, to ~~any Owner shall be considered as having been paid by~~ make Insured Payments available to the Trustee ~~to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant~~ on or prior to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.related Distribution

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Asset Backed Certs Series 2001 A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-6 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-6 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-6 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AC, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-6 (the "“Class ~~MV-1~~ M-6 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A C Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 1-AV-1 (the "“Class ~~AF-1~~ 1-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-1 (the "“Class ~~AF-2~~ 2-AV-1 Certificates"”), Class ~~AF-3~~ 2-AV-2 (the "“Class ~~AF-3~~ 2-AV-2 Certificates"”), Class ~~AF-4~~ 2-AV-3 (the "“Class ~~AF-4~~ 2-AV-3 Certificates"”), Class ~~AF-5~~ 2-AV-4 (the "“Class ~~AF-5~~ 2-AV-4 Certificates"”), Class ~~AF-6~~ M-1 (the "“Class ~~AF-6~~ M-1 Certificates"”), Class ~~MF-1~~ M-2 (the "“Class ~~MF-1~~ M-2 Certificates"”), Class ~~MF-2~~ M-3 (the "“Class ~~MF-2~~ M-3 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-7 (the "“Class AV M-7 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class M-10 (the “Class M-10 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 1-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates and the Class BV M-10 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ M-6 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-6 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-6 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-6 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-6 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-6 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-6 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-6 Certificates are exchangeable for new Class ~~MV-1~~ M-6 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). ~~The Owner hereof~~ Pursuant to the terms of the Pooling and Servicing Agreement, a distribution will be made on the 25th day of each month (or if any such day is ~~entitled to principal payments~~ not a Business Day, on ~~each~~ the Business Day immediately following such 25th day) (the “Distribution Date”), ~~as hereinafter described~~commencing on January 27, which will fully amortize such original Certificate Principal Balance of the Class MV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class MV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 2003 (the first Distribution Date)) through the 20th Distribution Date, ~~be less than~~ to the ~~original~~ Person in whose name this Certificate ~~Principal Balance~~ is registered at the close of business on the applicable Record Date, in an amount equal to the product of (a) the Percentage Interest evidenced by this Certificate and (b) the applicable interest distributable on the Class ~~MV-1 Certificates~~ A Certificates, as more specifically set forth ~~above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that,~~ in ~~any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under~~ the Pooling and Servicing Agreement. ~~NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION~~Except as otherwise provided in the Pooling and Servicing Agreement, ~~THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY~~distributions on this Certificate will be made by the Trustee by check or money order mailed to the Person entitled thereto at the address appearing in the Certificate Register, or upon written request by the Certificateholder, by wire transfer to a bank account maintained in the United States (in the case of any Holder of Certificates entitled to such form of payment as provided in the Pooling and Servicing Agreement) or by such other means of payment as such Person and the Trustee shall agree. ~~THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE~~Except as otherwise provided in the Pooling and Servicing Agreement, ~~THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25~~the final distribution on this Certificate will be made in the applicable manner described above, ~~2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY~~after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for that purpose and as specified in such notice. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AD, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-IO (the "“Class ~~MV-1~~ A-IO Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A D Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the Class BV M-2 Certificates"”), Class B (the “Class B Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2~~ M-2 Certificates, Class B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. ~~On the 25th day~~ The Class A-IO Certificates are limited in right of ~~each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners~~ payment to certain payments on and collections in respect of the ~~Class MV-1 Certificates~~ Home Equity Loans, as ~~of the close of business on the last Business Day of the calendar month immediately preceding the calendar month~~ more specifically set forth in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class MV-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class MV-1 Certificates. The Percentage Interest of each Class MV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class MV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class MV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. ~~Amounts properly withheld under~~ The Holder of this Certificate, by its acceptance of this Certificate, agrees that it will look solely to the ~~Code by any Person from a distribution to any Owner shall be considered as having been paid by~~ funds on deposit in the Certificate Account and that the Trustee in its individual capacity is not personally liable to ~~such Owner~~ the Certificateholders for ~~all purposes of~~ any amount payable under this Certificate or the Pooling and Servicing Agreement or, except as expressly provided in the Pooling and Servicing Agreement, subject to any liability under the Pooling and Servicing Agreement. This Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to the Pooling and Servicing Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Trustee. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of ~~REMIC I and~~ any REMIC II hereunder as ~~REMICs~~ a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. ~~The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original~~ This Certificate ~~Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in~~ will not be entitled to any benefit under the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will or be ~~made~~ valid for any ~~such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover~~ purpose unless manually countersigned for authenticating purposes only by any ~~tax or other governmental charge payable in connection therewith. The Trustee and any agent~~ authorized officer of the ~~Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary~~Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2002 D)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ September 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ SEPTEMBER 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AC, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-1 (the "“Class ~~MV-1~~ M-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-2 (the "Class ~~MV-2~~ M-2 Certificates"”), Class BV B-1 (the “Class B-1 Certificates”), Class B-2 (the Class BV B-2 Certificates"”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1~~ R-1, Class R-2, Class R-3 and Class ~~R-2~~ R-4 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2 Certificates,~~ M-2 Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ September 25, 2002, the Owners of the Class ~~MV-1~~ M-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-1 Certificates are exchangeable for new Class ~~MV-1~~ M-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ 2-AV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AC, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ 2-AV-1 (the "“Class ~~MV-1~~ 2-AV-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A C Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 1-AV-1 (the "“Class ~~AF-1~~ 1-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-2 (the "“Class ~~AF-2~~ 2-AV-2 Certificates"”), Class ~~AF-3~~ 2-AV-3 (the "“Class ~~AF-3~~ 2-AV-3 Certificates"”), Class ~~AF-4~~ 2-AV-4 (the "“Class ~~AF-4~~ 2-AV-4 Certificates"”), Class ~~AF-5~~ M-1 (the "“Class ~~AF-5~~ M-1 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class M-10 (the “Class M-10 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 1-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates and the Class BV M-10 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ 2-AV-1 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ 2-AV-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ 2-AV-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ 2-AV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ 2-AV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ 2-AV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ 2-AV-1 Certificates are exchangeable for new Class ~~MV-1~~ 2-AV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-5 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-5 (the "Class ~~MV-1~~ AF-5 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller,~~ Xxxxxxx Street Funding II, LLC, as Conduit Seller II and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A B Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 ~~Certificates"), Class AF-5 (the "Class AF-5~~ Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-1 (the "Class MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class A-IO (the "Class A-IO Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class ~~R-1~~ R-1, Class R-2 and Class ~~R-2~~ R-3 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, the Class BV Certificates and the Class BV A-IO Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, 2002, the Owners of the Class ~~MV-1~~ AF-5 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-5 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-5 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates (other than the Class A-IO Certificates) as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-5 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-5 Certificates are exchangeable for new Class ~~MV-1~~ AF-5 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002 B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ September 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ SEPTEMBER 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AC, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV (the "“Class ~~MV-1~~ AV Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ M-1 (the "“Class ~~MF-1~~ M-1 Certificates"”), Class ~~MF-2~~ M-2 (the "Class ~~MF-2~~ M-2 Certificates"”), Class BF B-1 (the “Class B-1 Certificates”), Class B-2 (the Class BF B-2 Certificates"”), Class AV A-IO (the "“Class AV A-IO Certificates~~"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"~~”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1~~ R-1, Class R-2, Class R-3 and Class ~~R-2~~ R-4 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2 Certificates,~~ M-2 Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ September 25, 2002, the Owners of the Class ~~MV-1~~ AV Certificates as of the close of business on the last Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV Certificates. The Percentage Interest of each Class ~~MV-1~~ AV Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV Certificates are exchangeable for new Class ~~MV-1~~ AV Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) the Trust’s right to receive the Trust Portion of any payment received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, but only the Trust Portion thereof, together with investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). ~~The Owner hereof~~ Pursuant to the terms of the Pooling and Servicing Agreement, a distribution will be made on the 25th day of each month (or if any such day is ~~entitled to principal payments~~ not a Business Day, on ~~each~~ the Business Day immediately following such 25th day) (the “Distribution Date”), as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class MV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class MV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, commencing on ~~any date subsequent to February~~ July 25, ~~2002~~ 2003 (the first Distribution Date)) through the 36th Distribution Date, ~~be less than~~ to the ~~original~~ Person in whose name this Certificate ~~Principal Balance~~ is registered at the close of business on the applicable Record Date, in an amount equal to the product of (a) the Percentage Interest evidenced by this Certificate and (b) the applicable interest distributable on the Class ~~MV-1 Certificates~~ A-IO Certificates, as more specifically set forth ~~above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that,~~ in ~~any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under~~ the Pooling and Servicing Agreement. ~~NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION~~Except as otherwise provided in the Pooling and Servicing Agreement, ~~THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY~~distributions on this Certificate will be made by the Trustee by check or money order mailed to the Person entitled thereto at the address appearing in the Certificate Register, or upon written request by the Certificateholder, by wire transfer to a bank account maintained in the United States (in the case of any Holder of Certificates entitled to such form of payment as provided in the Pooling and Servicing Agreement) or by such other means of payment as such Person and the Trustee shall agree. ~~THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE~~Except as otherwise provided in the Pooling and Servicing Agreement, ~~THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25~~the final distribution on this Certificate will be made in the applicable manner described above, ~~2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY~~after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for that purpose and as specified in such notice. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-AB, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-IO (the "“Class ~~MV-1~~ A-IO Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2003 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A B Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the “Class BV M-2 Certificates"”), Class M-3 (the “Class M-3 Certificates”), Class B (the “Class B Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2~~ M-2 Certificates, the Class M-3 Certificates, the Class B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. ~~On the 25th day~~ The Class A-IO Certificates are limited in right of ~~each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners~~ payment to certain payments on and collections in respect of the ~~Class MV-1 Certificates~~ Home Equity Loans, as ~~of the close of business on the last Business Day of the calendar month immediately preceding the calendar month~~ more specifically set forth in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class MV-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class MV-1 Certificates. The Percentage Interest of each Class MV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class MV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class MV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. ~~Amounts properly withheld under~~ The Holder of this Certificate, by its acceptance of this Certificate, agrees that it will look solely to the ~~Code by any Person from a distribution to any Owner shall be considered as having been paid by~~ funds on deposit in the Certificate Account and that the Trustee in its individual capacity is not personally liable to ~~such Owner~~ the Certificateholders for ~~all purposes of~~ any amount payable under this Certificate or the Pooling and Servicing Agreement or, except as expressly provided in the Pooling and Servicing Agreement, subject to any liability under the Pooling and Servicing Agreement. This Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to the Pooling and Servicing Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Trustee. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of ~~REMIC I and~~ any REMIC II hereunder as ~~REMICs~~ a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. ~~The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original~~ This Certificate ~~Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in~~ will not be entitled to any benefit under the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will or be ~~made~~ valid for any ~~such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover~~ purpose unless manually countersigned for authenticating purposes only by any ~~tax or other governmental charge payable in connection therewith. The Trustee and any agent~~ authorized officer of the ~~Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary~~Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2003-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-4 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-4 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2005 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-4 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2005 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-AC, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-4 (the "“Class ~~MV-1~~ M-4 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2005 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF AV-3 (the “Class BF AV-3 Certificates"”), Class AV M-1 (the "“Class AV M-1 Certificates"”), Class ~~MV-2~~ M-2 (the "“Class ~~MV-2~~ M-2 Certificates"”), Class BV M-3 (the “Class BV M-3 Certificates"”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF AV-3 Certificates, the Class AV M-1 Certificates, the Class ~~MV-1~~ M-2 Certificates, the Class ~~MV-2~~ M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates and the Class BV B-2 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2005, the Owners of the Class ~~MV-1~~ M-4 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-4 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-4 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-4 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-4 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-4 Certificates are exchangeable for new Class ~~MV-1~~ M-4 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ BV Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ BV Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ BV Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ BV (the "Class ~~MV-1~~ BV Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class AV (the "Class AV Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV MV-1 (the "Class AV MV-1 Certificates"), Class MV-2 (the "Class MV-2 ~~Certificates"), Class BV (the Class BV~~ Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 ~~Certificates,~~ Certificates and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class ~~MV-1~~ BV Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ BV Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ BV Certificates. The Percentage Interest of each Class ~~MV-1~~ BV Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ BV Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ BV Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ BV Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ BV Certificates are exchangeable for new Class ~~MV-1~~ BV Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ B-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ B-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~___________ ___, ~~2002~~ 20__ (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ B-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~___________ ___, ~~2002~~ 20__ (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~20__-__, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ B-1 (the "“Class ~~MV-1~~ B-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January 1~~___________ ___, ~~2002~~ 20__ (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC~~ [ Conduit ~~Funding, LLC~~Seller ], as conduit seller (the “Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ ”) and ~~Bank One, National Association~~[Trustee], in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~ 20__-__ Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF M-1 (the “Class BF M-1 Certificates"”), Class AV M-2 (the "“Class AV M-2 Certificates"”), Class ~~MV-2~~ M-3 (the "“Class ~~MV-2~~ M-3 Certificates"”), Class BV M-4 (the “Class BV M-4 Certificates"”), Class M-5 (the “Class M-5 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class B-3 (the “Class B-3 Certificates”), Class X-IO (the "“Class X-IO Certificates~~"),~~ ”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2~~ M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates, the Class B-2 Certificates and the Class BV B-3 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the ~~25th~~ __th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~___________ ___, ~~2002~~20__, the Owners of the Class ~~MV-1~~ B-1 Certificates as of the close of business on the ~~last~~ Business Day ~~of the calendar month~~ immediately preceding the ~~calendar month in which a~~ Distribution Date ~~occurs~~ (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $~~1,000,000~~ [ ] (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ B-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ B-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ B-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ B-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ B-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx Street Funding II, LLC~~ [ Conduit Seller ] or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ B-1 Certificates are issuable only as registered Certificates in minimum denominations of $~~25,000~~ [ ] original Certificate Principal Balance and in integral multiples of $~~1,000~~ [ ] in excess of $~~25,000~~[ ]. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ B-1 Certificates are exchangeable for new Class ~~MV-1~~ B-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ BF Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ BF Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ BF Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ BF (the "Class ~~MV-1~~ BF Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller,~~ Xxxxxxx Street Funding II, LLC, as Conduit Seller II and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A B Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class AV (the "Class AV Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class ~~BF (the Class BF Certificates"), Class AV~~ MV-1 (the "Class AV MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class A-IO (the "Class A-IO Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class ~~R-1~~ R-1, Class R-2 and Class ~~R-2~~ R-3 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class ~~BF Certificates, the Class~~ AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, the Class BV Certificates and the Class BV A-IO Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, 2002, the Owners of the Class ~~MV-1~~ BF Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ BF Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ BF Certificates. The Percentage Interest of each Class ~~MV-1~~ BF Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ BF Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ BF Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates (other than the Class A-IO Certificates) as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ BF Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ BF Certificates are exchangeable for new Class ~~MV-1~~ BF Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002 B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ MF-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ MF-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ MF-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ MF-2 (the "Class ~~MV-1~~ MF-2 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class ~~MF-2 (the "Class MF-2 Certificates"), Class~~ BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-1 (the "Class MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF ~~Certificates,~~ Certificates the Class AV Certificates, ~~the~~ Class MV-1 Certificates, ~~the~~ Class MV-2 Certificates, and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class ~~MV-1~~ MF-2 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ MF-2 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ MF-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ MF-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ MF-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ MF-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ MF-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ MF-2 Certificates are exchangeable for new Class ~~MV-1~~ MF-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-6 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-6 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2001 (the first Distribution ~~Date), be~~ Date),be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-6 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-6 (the "Class ~~MV-1~~ A-6 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx~~ Harwood Street Funding II, LLC, as Conduit Seller II and Bank One, ~~National~~ Xxxxxxal Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-5 (the "Class ~~AF-5~~ A-5 Certificates"), Class ~~AF-6~~ A-7 (the "Class ~~AF-6~~ A-7 Certificates"), Class ~~MF-1~~ M-1 (the "Class ~~MF-1~~ M-1 Certificates"), Class ~~MF-2~~ M-2 (the "Class ~~MF-2~~ M-2 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ July 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-6 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-6 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-6 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-6 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-6 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-6 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx~~ Harwood Street Funding II, LLC or Centex Credit Corporation d/b/x Xxxxex Home Equity ~~Company, LLC~~ Corporation or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ A-6 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ A-6 Certificates are exchangeable for new Class ~~MV-1~~ A-6 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-3 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-3 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ September 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-3 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ SEPTEMBER 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AC, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-3 (the "“Class ~~MV-1~~ AF-3 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates~~"), Class AF-3 (the "Class AF-3 Certificates"~~”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the Class BV M-2 Certificates"”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the Class B-2 Certificates”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1~~ R-1, Class R-2, Class R-3 and Class ~~R-2~~ R-4 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2 Certificates,~~ M-2 Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ September 25, 2002, the Owners of the Class ~~MV-1~~ AF-3 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-3 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-3 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-3 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-3 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-3 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-3 Certificates are exchangeable for new Class ~~MV-1~~ AF-3 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-10 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-10 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-10 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AC, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-10 (the "“Class ~~MV-1~~ M-10 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A C Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 1-AV-1 (the "“Class ~~AF-1~~ 1-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-1 (the "“Class ~~AF-2~~ 2-AV-1 Certificates"”), Class ~~AF-3~~ 2-AV-2 (the "“Class ~~AF-3~~ 2-AV-2 Certificates"”), Class ~~AF-4~~ 2-AV-3 (the "“Class ~~AF-4~~ 2-AV-3 Certificates"”), Class ~~AF-5~~ 2-AV-4 (the "“Class ~~AF-5~~ 2-AV-4 Certificates"”), Class ~~AF-6~~ M-1 (the "“Class ~~AF-6~~ M-1 Certificates"”), Class ~~MF-1~~ M-2 (the "“Class ~~MF-1~~ M-2 Certificates"”), Class ~~MF-2~~ M-3 (the "“Class ~~MF-2~~ M-3 Certificates"”), Class BF M-4 (the “Class BF M-4 Certificates"”), Class AV M-5 (the "“Class AV M-5 Certificates"”), Class ~~MV-2~~ M-6 (the "“Class ~~MV-2~~ M-6 Certificates"”), Class BV M-7 (the “Class BV M-7 Certificates"”), Class M-8 (the “Class M-8 Certificates”), Class M-9 (the “Class M-9 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 2-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates and the Class BV M-10 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ M-10 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-10 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-10 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-10 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-10 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-10 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-10 Certificates are issuable only as registered Certificates in minimum denominations of $~~25,000~~ 100,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $~~25,000~~100,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-10 Certificates are exchangeable for new Class ~~MV-1~~ M-10 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~March 26, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~MARCH 26, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-1 (the "“Class ~~MV-1~~ AV-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ February 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-2 (the "“Class ~~AF-1~~ AV-2 Certificates"”), Class ~~AF-2~~ AV-3 (the "“Class ~~AF-2~~ AV-3 Certificates"”), Class ~~AF-3~~ AV-4 (the "“Class ~~AF-3~~ AV-4 Certificates"”), Class ~~AF-4~~ M-1 (the "“Class ~~AF-4~~ M-1 Certificates"”), Class ~~AF-5~~ M-2 (the "“Class ~~AF-5~~ M-2 Certificates"”), Class ~~AF-6~~ M-3 (the "“Class ~~AF-6~~ M-3 Certificates"”), Class ~~MF-1~~ M-4 (the "“Class ~~MF-1~~ M-4 Certificates"”), Class ~~MF-2~~ M-5 (the "“Class ~~MF-2~~ M-5 Certificates"”), Class BF M-6 (the “Class BF M-6 Certificates"”), Class AV M-7 (the "“Class AV M-7 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-9 (the “Class BV M-9 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates and the Class BV M-10 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~March 26, ~~2002~~2007, the Owners of the Class ~~MV-1~~ AV-1 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-1 Certificates are exchangeable for new Class ~~MV-1~~ AV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ MV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ MV-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ MV-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ MV-2 (the "Class ~~MV-1~~ MV-2 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller,~~ Xxxxxxx Street Funding II, LLC, as Conduit Seller II and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A B Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class ~~MV-2~~ MV-1 (the "Class ~~MV-2~~ MV-1 Certificates"), Class BV (the Class BV Certificates"), Class A-IO Certificates (the "Class A-IO Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class ~~R-1~~ R-1, Class R-2 and Class ~~R-2~~ R-3 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, the Class BV Certificates and the Class BV A-IO Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, 2002, the Owners of the Class ~~MV-1~~ MV-2 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ MV-2 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ MV-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ MV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ MV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ MV-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates (other than the Class A-IO Certificates) as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ MV-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ MV-2 Certificates are exchangeable for new Class ~~MV-1~~ MV-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002 B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-6 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-6 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ October 25, ~~2002~~ 2006 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-6 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ OCTOBER 25, ~~2002~~ 2006 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(B)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, XXXX 00-0, XXXX 00-00, XXXX 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-6 (the "“Class ~~MV-1~~ M-6 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ September 1, ~~2002~~ 2006 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a the seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC Funding,~~ Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-2 (the "“Class ~~AF-2~~ AV-2 Certificates"”), Class ~~AF-3~~ AV-3 (the "“Class ~~AF-3~~ AV-3 Certificates"”), Class ~~AF-4~~ AV-4 (the "“Class ~~AF-4~~ AV-4 Certificates"”), Class ~~AF-5~~ M-1 (the "“Class ~~AF-5~~ M-1 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-5 (the "“Class ~~MF-2~~ M-5 Certificates"”), Class BF M-7 (the “Class BF M-7 Certificates"”), Class AV M-8 (the "“Class AV M-8 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-9 (the “Class BV M-9 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class M-11 (the “Class M-11 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class BV M-11 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ October 25, ~~2002~~2006, the Owners of the Class ~~MV-1~~ M-6 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-6 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-6 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-6 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-6 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-6 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II, LLC~~ or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-6 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-6 Certificates are exchangeable for new Class ~~MV-1~~ M-6 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2006-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A A, Schedule I-B and Schedule I-B C to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) the Trust’s right to receive the Trust Portion of any payment received by the Trustee on the Cap Agreements and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, but only the Trust Portion thereof, together with investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). ~~The Owner hereof~~ Pursuant to the terms of the Pooling and Servicing Agreement, a distribution will be made on the 25th day of each month (or if any such day is ~~entitled to principal payments~~ not a Business Day, on ~~each~~ the Business Day immediately following such 25th day) (the “Distribution Date”), as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class MV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class MV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, commencing on ~~any date subsequent to February~~ April 25, ~~2002~~ 2003 (the first Distribution Date)) through the 35th Distribution Date, ~~be less than~~ to the ~~original~~ Person in whose name this Certificate ~~Principal Balance~~ is registered at the close of business on the applicable Record Date, in an amount equal to the product of (a) the Percentage Interest evidenced by this Certificate and (b) the applicable interest distributable on the Class ~~MV-1 Certificates~~ A-IO Certificates, as more specifically set forth ~~above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that,~~ in ~~any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under~~ the Pooling and Servicing Agreement. ~~NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION~~Except as otherwise provided in the Pooling and Servicing Agreement, ~~THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY~~distributions on this Certificate will be made by the Trustee by check or money order mailed to the Person entitled thereto at the address appearing in the Certificate Register, or upon written request by the Certificateholder, by wire transfer to a bank account maintained in the United States (in the case of any Holder of Certificates entitled to such form of payment as provided in the Pooling and Servicing Agreement) or by such other means of payment as such Person and the Trustee shall agree. ~~THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE~~Except as otherwise provided in the Pooling and Servicing Agreement, ~~THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25~~the final distribution on this Certificate will be made in the applicable manner described above, ~~2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY~~after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for that purpose and as specified in such notice. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-IO (the "“Class ~~MV-1~~ A-IO Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2003 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF M-1 (the “Class BF M-1 Certificates"”), Class AV M-2 (the "“Class AV M-2 Certificates"”), Class ~~MV-2~~ M-3 (the "“Class ~~MV-2~~ M-3 Certificates"”), Class BV B (the “Class BV B Certificates"”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2 Certificates,~~ B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. ~~On the 25th day~~ The Class A-IO Certificates are limited in right of ~~each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners~~ payment to certain payments on and collections in respect of the ~~Class MV-1 Certificates~~ Home Equity Loans, as ~~of the close of business on the last Business Day of the calendar month immediately preceding the calendar month~~ more specifically set forth in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class MV-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class MV-1 Certificates. The Percentage Interest of each Class MV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class MV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class MV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. ~~Amounts properly withheld under~~ The Holder of this Certificate, by its acceptance of this Certificate, agrees that it will look solely to the ~~Code by any Person from a distribution to any Owner shall be considered as having been paid by~~ funds on deposit in the Certificate Account and that the Trustee in its individual capacity is not personally liable to ~~such Owner~~ the Certificateholders for ~~all purposes of~~ any amount payable under this Certificate or the Pooling and Servicing Agreement or, except as expressly provided in the Pooling and Servicing Agreement, subject to any liability under the Pooling and Servicing Agreement. This Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to the Pooling and Servicing Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Trustee. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of ~~REMIC I and~~ any REMIC II hereunder as ~~REMICs~~ a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. ~~The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original~~ This Certificate ~~Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in~~ will not be entitled to any benefit under the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will or be ~~made~~ valid for any ~~such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover~~ purpose unless manually countersigned for authenticating purposes only by any ~~tax or other governmental charge payable in connection therewith. The Trustee and any agent~~ authorized officer of the ~~Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary~~Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Funding LLC Centex Home Eq Ln Ast Bk Cert Ser 2003-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A A, Schedule I-B and Schedule I-B C to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) the Trust’s right to receive the Trust Portion of any payment received by the Trustee on the Cap Agreements and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, but only the Trust Portion thereof, together with investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, ~~2002~~ 2003 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, ~~2002~~ 2003 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-2 (the "“Class ~~MV-1~~ M-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2003 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF M-1 (the “Class BF M-1 Certificates"”), the Class M-3 Certificates (the “Class M-3 Certificates”), Class AV B (the "“Class AV B Certificates"”), Class ~~MV-2~~ A-IO (the "“Class ~~MV-2~~ A-IO Certificates~~"), Class BV (the Class BV Certificates"~~”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2 Certificates,~~ B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ April 25, ~~2002~~2003, the Owners of the Class ~~MV-1~~ M-2 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-2 Certificates are exchangeable for new Class ~~MV-1~~ M-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Funding LLC Centex Home Eq Ln Ast Bk Cert Ser 2003-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-7 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~November 26, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~NOVEMBER 26, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-AC, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-7 (the "Class ~~MV-1~~ A-7 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ October 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A C Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-5 (the "Class ~~AF-5~~ A-5 Certificates"), Class ~~AF-6~~ A-6 (the "Class ~~AF-6~~ A-6 Certificates"), Class ~~MF-1~~ M-1 (the "Class ~~MF-1~~ M-1 Certificates"), Class ~~MF-2~~ M-2 (the "Class ~~MF-2~~ M-2 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February 25~~November 26, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-7 Certificates as of the close of business on the last Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-7 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-7 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-7 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-7 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ A-7 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ A-7 Certificates are exchangeable for new Class ~~MV-1~~ A-7 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AC, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-1 (the "“Class ~~MV-1~~ M-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A C Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 1-AV-1 (the "“Class ~~AF-1~~ 1-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-1 (the "“Class ~~AF-2~~ 2-AV-1 Certificates"”), Class ~~AF-3~~ 2-AV-2 (the "“Class ~~AF-3~~ 2-AV-2 Certificates"”), Class ~~AF-4~~ 2-AV-3 (the "“Class ~~AF-4~~ 2-AV-3 Certificates"”), Class ~~AF-5~~ 2-AV-4 (the "“Class ~~AF-5~~ 2-AV-4 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class M-10 (the “Class M-10 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 1-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates and the Class BV M-10 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ M-1 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-1 Certificates are exchangeable for new Class ~~MV-1~~ M-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). ~~The Owner hereof~~ Pursuant to the terms of the Pooling and Servicing Agreement, a distribution will be made on the 25th day of each month (or if any such day is ~~entitled to principal payments~~ not a Business Day, on ~~each~~ the Business Day immediately following such 25th day) (the "Distribution Date"), as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class MV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class MV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, commencing on ~~any date subsequent to February~~ April 25, 2002 (the first Distribution Date)) through the 20th Distribution Date, ~~be less than~~ to the ~~original~~ Person in whose name this Certificate ~~Principal Balance~~ is registered at the close of business on the applicable Record Date, in an amount equal to the product of (a) the Percentage Interest evidenced by this Certificate and (b) the applicable interest distributable on the Class ~~MV-1 Certificates~~ A Certificates, as more specifically set forth ~~above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that,~~ in ~~any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under~~ the Pooling and Servicing Agreement. ~~NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION~~Except as otherwise provided in the Pooling and Servicing Agreement, ~~THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY~~distributions on this Certificate will be made by the Trustee by check or money order mailed to the Person entitled thereto at the address appearing in the Certificate Register, or upon written request by the Certificateholder, by wire transfer to a bank account maintained in the United States (in the case of any Holder of Certificates entitled to such form of payment as provided in the Pooling and Servicing Agreement) or by such other means of payment as such Person and the Trustee shall agree. ~~THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE~~Except as otherwise provided in the Pooling and Servicing Agreement, ~~THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25~~the final distribution on this Certificate will be made in the applicable manner described above, ~~2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY~~after due notice by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for that purpose and as specified in such notice. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-IO (the "Class ~~MV-1~~ A-IO Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller,~~ Xxxxxxx Street Funding II, LLC, as Conduit Seller II and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A B Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-1 (the "Class MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class ~~R-1~~ R-1, Class R-2 and Class ~~R-2~~ R-3 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, the Class BV Certificates and the Class BV A-IO Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. ~~On the 25th day~~ The Class A-IO Certificates are limited in right of ~~each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners~~ payment to certain payments on and collections in respect of the ~~Class MV-1 Certificates~~ Home Equity Loans, as ~~of the close of business on the last Business Day of the calendar month immediately preceding the calendar month~~ more specifically set forth in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class MV-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class MV-1 Certificates. The Percentage Interest of each Class MV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class MV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class MV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. ~~Amounts properly withheld under~~ The Holder of this Certificate, by its acceptance of this Certificate, agrees that it will look solely to the ~~Code by any Person from a distribution to any Owner shall be considered as having been paid by~~ funds on deposit in the Certificate Account and that the Trustee in its individual capacity is not personally liable to ~~such Owner~~ the Certificateholders for ~~all purposes of~~ any amount payable under this Certificate or the Pooling and Servicing Agreement or, except as expressly provided in the Pooling and Servicing Agreement, subject to any liability under the Pooling and Servicing Agreement. This Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to the Pooling and Servicing Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Trustee. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates (other than the Class A-IO Certificates) as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of ~~REMIC I and~~ any REMIC II hereunder as ~~REMICs~~ a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. ~~The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original~~ This Certificate ~~Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in~~ will not be entitled to any benefit under the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will or be ~~made~~ valid for any ~~such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover~~ purpose unless manually countersigned for authenticating purposes only by any ~~tax or other governmental charge payable in connection therewith. The Trustee and any agent~~ authorized officer of the ~~Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary~~Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002 B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-10 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-10 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ October 25, ~~2002~~ 2006 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-10 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ OCTOBER 25, ~~2002~~ 2006 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(B)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, XXXX 00-0, XXXX 00-00, XXXX 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-10 (the "“Class ~~MV-1~~ M-10 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ September 1, ~~2002~~ 2006 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a the seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC Funding,~~ Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-2 (the "“Class ~~AF-2~~ AV-2 Certificates"”), Class ~~AF-3~~ AV-3 (the "“Class ~~AF-3~~ AV-3 Certificates"”), Class ~~AF-4~~ AV-4 (the "“Class ~~AF-4~~ AV-4 Certificates"”), Class ~~AF-5~~ M-1 (the "“Class ~~AF-5~~ M-1 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class M-11 (the “Class M-11 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class BV M-11 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ October 25, ~~2002~~2006, the Owners of the Class ~~MV-1~~ M-10 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-10 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-10 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-10 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-10 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-10 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding, LLC, Xxxxxxx Street~~ Nationstar Funding ~~II,~~ LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-10 Certificates are issuable only as registered Certificates in minimum denominations of $~~25,000~~ 100,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $~~25,000~~100,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-10 Certificates are exchangeable for new Class ~~MV-1~~ M-10 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2006-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-5 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-5 (the "Class ~~MV-1~~ AF-5 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class ~~AF-5 (the "Class AF-5 Certificates"), Class~~ AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-1 (the "Class MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 ~~Certificates,~~ Certificates and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class ~~MV-1~~ AF-5 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-5 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-5 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-5 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-5 Certificates are exchangeable for new Class ~~MV-1~~ AF-5 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in ~~Schedule~~ SCHEDULE I-A and ~~Schedule~~ SCHEDULE I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-6 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-6 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~_________, ~~2002~~ __, 200_ (the first Distribution ~~Date), be~~ Date),be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-6 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~_________, ~~2002~~ __, 200_ (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~200_-__, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-6 (the "Class ~~MV-1~~ A-6 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January 1~~_________, ~~2002~~ __, 200_ (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, ~~Xxxxxxx~~ Harwood Street Funding II, LLC, as Conduit Seller II and Bank One, ~~National~~ Naxxxxxx Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~ 200_-__ Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-5 (the "Class ~~AF-5~~ A-5 Certificates"), Class ~~AF-6~~ A-7 (the "Class ~~AF-6~~ A-7 Certificates"), Class ~~MF-1~~ M-1 (the "Class ~~MF-1~~ M-1 Certificates"), Class ~~MF-2~~ M-2 (the "Class ~~MF-2~~ M-2 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February 25~~_________, ~~2002~~__, 200_, the Owners of the Class ~~MV-1~~ A-6 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-6 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-6 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-6 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-6 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-6 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx~~ Harwood Street Funding II, LLC or Centex Home Equity Company, LLC or ~~any of~~ xxx xx their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ A-6 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ A-6 Certificates are exchangeable for new Class ~~MV-1~~ A-6 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~January 27, ~~2002~~ 2003 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~JANUARY 27, ~~2002~~ 2003 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AD, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-1 (the "“Class ~~MV-1~~ M-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ December 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A D Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-2 (the "Class ~~MV-2~~ M-2 Certificates"”), Class BV B (the “Class BV B Certificates"”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2~~ M-2 Certificates, Class B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~January 27, ~~2002~~2003, the Owners of the Class ~~MV-1~~ M-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-1 Certificates are exchangeable for new Class ~~MV-1~~ M-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2002 D)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-4 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-4 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ October 25, ~~2002~~ 2006 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-4 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ OCTOBER 25, ~~2002~~ 2006 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-4 (the "“Class ~~MV-1~~ AV-4 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ September 1, ~~2002~~ 2006 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a the seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC Funding,~~ Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-2 (the "“Class ~~AF-2~~ AV-2 Certificates"”), Class ~~AF-3~~ AV-3 (the "“Class ~~AF-3~~ AV-3 Certificates"”), Class ~~AF-4~~ M-1 (the "“Class ~~AF-4~~ M-1 Certificates"”), Class ~~AF-5~~ M-2 (the "“Class ~~AF-5~~ M-2 Certificates"”), Class ~~AF-6~~ M-3 (the "“Class ~~AF-6~~ M-3 Certificates"”), Class ~~MF-1~~ M-4 (the "“Class ~~MF-1~~ M-4 Certificates"”), Class ~~MF-2~~ M-5 (the "“Class ~~MF-2~~ M-5 Certificates"”), Class BF M-6 (the “Class BF M-6 Certificates"”), Class AV M-7 (the "“Class AV M-7 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-9 (the “Class BV M-9 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class M-11 (the “Class M-11 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class BV M-11 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ October 25, ~~2002~~2006, the Owners of the Class ~~MV-1~~ AV-4 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-4 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-4 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-4 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding, LLC, Xxxxxxx Street~~ Nationstar Funding ~~II,~~ LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-4 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-4 Certificates are exchangeable for new Class ~~MV-1~~ AV-4 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2006-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans in Group I listed in Schedule I-A ~~and Schedule I-B~~ to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group I as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-5 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-5 (the "Class ~~MV-1~~ A-5 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-7 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ A-6 Certificates and the Class BV A-7 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-5 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-5 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-5 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates on the Startup Day. The ~~Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect~~ Certificate Insurer is required, subject to ~~this Certificate in accordance with~~ the terms ~~hereof and~~ of the ~~Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution~~ related Certificate Insurance Policy, to ~~any Owner shall be considered as having been paid by~~ make Insured Payments available to the Trustee ~~to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant~~ on or prior to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.related Distribution

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Asset Backed Certs Series 2001 A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV (the "Class ~~MV-1~~ AV Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV MV-1 (the "Class AV MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 ~~Certificates,~~ Certificates and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class ~~MV-1~~ AV Certificates as of the close of business on the last Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV Certificates. The Percentage Interest of each Class ~~MV-1~~ AV Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV Certificates are exchangeable for new Class ~~MV-1~~ AV Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans in Group II listed in ~~Schedule I-A and Schedule~~ SCHEDULE I-B to the Pooling and Servicing Agreement ~~(as defined below)~~ which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group II as may be held by the Trustee in the Certificate Account, together with investment earnings on such ~~amounts,~~ amounts and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); , and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates over the period from the date of initial issuance of the Certificates to the ~~Final Scheduled~~ final Distribution Date for the Class ~~MV-1~~ A-7 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, ~~2002~~ 2000 (the first Distribution Date), ) be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement (as defined below) provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, ~~2002~~ 2000 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2000-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-7 (the "Class ~~MV-1~~ A-7 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2000 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, ~~Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and Bank One, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2000-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-5 (the "Class ~~AF-5~~ A-5 Certificates"), Class ~~AF-6~~ A-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-6 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ A-6 Certificates and the Class BV A-7 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, ~~2002~~2000, the Owners of the Class ~~MV-1~~ A-7 Certificates as of the close of business on the last Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A-7 Distribution Amount relating to such ~~Certificates~~ Certificate on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-7 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-7 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-7 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-7 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2000-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ BF Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ BF Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ BF Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ BF (the "Class ~~MV-1~~ BF Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class AV (the "Class AV Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class ~~BF (the Class BF Certificates"), Class AV~~ MV-1 (the "Class AV MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class ~~BF Certificates, the Class~~ AV Certificates, the Class MV-1 Certificates, the Class MV-2 ~~Certificates,~~ Certificates and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class ~~MV-1~~ BF Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ BF Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ BF Certificates. The Percentage Interest of each Class ~~MV-1~~ BF Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ BF Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ BF Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ BF Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ BF Certificates are exchangeable for new Class ~~MV-1~~ BF Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans in Group I listed in Schedule I-A ~~and Schedule I-B~~ to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group I as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-2 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-2 (the "Class ~~MV-1~~ A-2 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-3 (the "Class ~~AF-2~~ A-3 Certificates"), Class ~~AF-3~~ A-4 (the "Class ~~AF-3~~ A-4 Certificates"), Class ~~AF-4~~ A-5 (the "Class ~~AF-4~~ A-5 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-7 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ A-6 Certificates and the Class BV A-7 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-2 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A Distribution Amount relating to such ~~Certificates~~ Certificates, on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-2 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-2 Certificates on the Startup Day. The ~~Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect~~ Certificate Insurer is required, subject to ~~this Certificate in accordance with~~ the terms ~~hereof and~~ of the ~~Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution~~ related Certificate Insurance Policy, to ~~any Owner shall be considered as having been paid by~~ make Insured Payments available to the Trustee ~~to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant~~ on or prior to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.related Distribution

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Asset Backed Certs Series 2001 A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in ~~Schedule~~ Schedules I-A and ~~Schedule~~ I-B to the Pooling and Servicing Agreement ~~(as defined below)~~ which ~~the~~ each Seller ~~and the Conduit Sellers are causing~~ has caused to be delivered to the Depositor and the Depositor ~~is causing~~ has caused to be delivered to the ~~Trustee~~Trustee (and all substitutions therefor as provided by Section 3.03, 3.04 and 3.06 of the Pooling and Servicing Agreement), together with the related Home Equity Loan documents and ~~the Depositor's~~ each Sellers' interest in any ~~Property~~Property which secured a Home Equity Loan but which has been acquired by foreclosure or deed in lieu of foreclosure, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, Upper-Tier Group I Distribution Account and the Upper-Tier Group II Distribution Account together with investment earnings on such ~~amounts,~~ amounts and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, ~~inclusive~~ exclusive of investment earnings ~~thereon~~thereon (except as otherwise provided herein), whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage ~~insurance, flood~~ insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class MV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class MV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class MV-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS ~~PAYABLE IN INSTALLMENTS. THEREFORE~~A PASS-THROUGH CERTIFICATE ONLY AND, ~~THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.~~ NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. Trustee Authentication MANUFACTURERS AND TRADERS TRUST COMPANY, as Trustee By: ________________________ Name: ______________________ Title: _____________________ Date of Authentication: ______________ This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ ContiMortgage Home Equity Loan Trust ~~2002~~1997-A2, Home Equity Loan ~~Asset~~Pass-~~Backed~~ Through Certificates, Class ~~MV-1~~ R (the "Class ~~MV-1~~ R Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 1997 (the "Pooling and Servicing Agreement") by and among ~~Centex Home Equity Company, LLC~~ContiMortgage Corporation, in its capacity as a ~~seller~~ Seller (~~the~~ a "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), ~~CHEC Funding, LLC~~ContiWest Corporation, in its capacity as ~~depositor~~ a Seller (a "Seller"), ContiSecurities Asset Funding Corp., in its capacity as Depositor, (the "Depositor")) and Manufacturers and Traders Trust Company, ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association~~a New York banking corporation, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ ContiMortgage Home Equity Loan Trust ~~2002~~1997-A 2 Home Equity Loan ~~Asset~~Pass-~~Backed~~ Through Certificates, Class ~~AF-1~~ A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11IO (collectively, the "Class ~~AF-1~~ A Certificates"), Class ~~AF-2~~ M-1A, Class M-1F, Class M-2A, Class M-2F (the "~~Class AF-2~~ Mezzanine Certificates"), Class ~~AF-3~~ B-1A, Class B-1F (the "Class ~~AF-3~~ B Certificates" and collectively with the Class A Certificates and the Mezzanine Certificates, the "Offered Certificates"), ) and the Class ~~AF-4~~ C (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R C Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class ~~X-IO~~ C Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class MV-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class MV-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class MV-1 Certificates. The Percentage Interest of each Class MV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class MV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class MV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding~~ContiSecurities Asset Funding Corp., ~~LLC, Xxxxxxx Street Funding II, LLC~~ ContiWest Corporation or ~~Centex Home Equity Company, LLC~~ ContiMortgage Corporation or any of their ~~Affiliates~~affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity ~~Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement)~~Loans, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the latest to occur of (a) the final payment or other liquidation (or any advance made with respect thereto) of the last Home Equity Loan in the Upper-Tier REMIC and the Lower-Tier REMIC or (b) the disposition of all property acquired in respect of any Home Equity Loan remaining in the Trust Estate or (c) at any time when a Qualified Liquidation of the Trust Estate is effected as described below. To effect a termination of the Pooling and Servicing Agreement pursuant to clause (c) above, the Owners of all Certificates ~~of all amounts held by~~ then Outstanding shall unanimously direct the Trustee on behalf of the Trust to adopt a plan of complete liquidation as contemplated by Section 860F(a)(4) of the Code, and ~~required~~ the Trustee shall either sell the Home Equity Loans and distribute the proceeds of the liquidation of the Trust, or shall distribute equitably in kind all of the assets of the Trust Estate to ~~be paid to~~ the remaining Owners of the Certificates, each in accordance with such ~~Owners pursuant to~~ plan, so that the liquidation or distribution of the Trust Estate, the distribution of any proceeds of the liquidation and the termination of the Pooling and Servicing ~~Agreement~~Agreement occur no later than the close of the 90th day after the date of adoption of the plan of liquidation and such liquidation qualifies as a Qualified Liquidation. The Pooling and Servicing Agreement additionally provides that (i) the ~~Owner~~ Owners of the Class ~~X-IO~~ R Certificates ~~may,~~ may at ~~its~~ their option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any ~~Distribution~~ Monthly Remittance Date ~~on or~~ after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans Date and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of the Upper-Tier REMIC I and the Lower-Tier REMIC II as ~~REMICs~~ a REMIC under the ~~Code,~~ Code the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of ~~the~~ a majority of the Percentage Interests represented by the Offered Certificates, or if there are no longer any Offered Certificates then outstanding, the Owners of a majority of the Percentage Interests represented by the Class R Certificates then outstanding, have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like ~~Percentage Interest~~ aggregate fractional undivided interest in the Upper-Tier REMIC will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the ~~Seller~~ Sellers and the Servicer at any time and from time to time, and without the ~~consent~~ Consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing ~~Agreement~~ Agreement, such consent of the Owners will be required prior to amendments. Any such consent by the Owner at the time of the giving thereof, of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of ~~transfer~~ Transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each ~~Distribution~~ Payment Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ R Certificates are issuable only as registered ~~Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000~~Certificates. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ R Certificates are exchangeable for new Class ~~MV-1~~ R Certificates ~~of authorized denominations~~ evidencing the same ~~aggregate principal amount~~Percentage Interest as the Class R Certificates exchanged. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee ~~nor~~ or any such agent shall be affected by notice to the contrary, except as may otherwise be specifically provided in the Pooling and Servicing Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-2)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-11 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-11 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ October 25, ~~2002~~ 2006 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-11 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ OCTOBER 25, ~~2002~~ 2006 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(B)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, XXXX 00-0, XXXX 00-00, XXXX 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-11 (the "“Class ~~MV-1~~ M-11 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ September 1, ~~2002~~ 2006 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a the seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC Funding,~~ Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-2 (the "“Class ~~AF-2~~ AV-2 Certificates"”), Class ~~AF-3~~ AV-3 (the "“Class ~~AF-3~~ AV-3 Certificates"”), Class ~~AF-4~~ AV-4 (the "“Class ~~AF-4~~ AV-4 Certificates"”), Class ~~AF-5~~ M-1 (the "“Class ~~AF-5~~ M-1 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class M-10 (the “Class M-10 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class BV M-11 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ October 25, ~~2002~~2006, the Owners of the Class ~~MV-1~~ M-11 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-11 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-11 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-11 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-11 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-11 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding, LLC, Xxxxxxx Street~~ Nationstar Funding ~~II,~~ LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-11 Certificates are issuable only as registered Certificates in minimum denominations of $~~25,000~~ 100,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $~~25,000~~100,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-11 Certificates are exchangeable for new Class ~~MV-1~~ M-11 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2006-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~March 26, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~MARCH 26, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-2 (the "“Class ~~MV-1~~ AV-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ February 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-3 (the "“Class ~~AF-2~~ AV-3 Certificates"”), Class ~~AF-3~~ AV-4 (the "“Class ~~AF-3~~ AV-4 Certificates"”), Class ~~AF-4~~ M-1 (the "“Class ~~AF-4~~ M-1 Certificates"”), Class ~~AF-5~~ M-2 (the "“Class ~~AF-5~~ M-2 Certificates"”), Class ~~AF-6~~ M-3 (the "“Class ~~AF-6~~ M-3 Certificates"”), Class ~~MF-1~~ M-4 (the "“Class ~~MF-1~~ M-4 Certificates"”), Class ~~MF-2~~ M-5 (the "“Class ~~MF-2~~ M-5 Certificates"”), Class BF M-6 (the “Class BF M-6 Certificates"”), Class AV M-7 (the "“Class AV M-7 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-9 (the “Class BV M-9 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates and the Class BV M-10 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~March 26, ~~2002~~2007, the Owners of the Class ~~MV-1~~ AV-2 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-2 Certificates are exchangeable for new Class ~~MV-1~~ AV-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans in the Group I (other than any principal received and interest due thereon prior to November 1, 1998) listed in ~~Schedule~~ SCHEDULE I-A ~~and Schedule I-B~~ to the Pooling and Servicing Agreement ~~(as defined below)~~ which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the ~~Trustee~~Trustee (and all substitutions therefor as provided by Section 3.03, 3.04 and 3.06 of the Pooling and Servicing Agreement), together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to the Group I as may be held by the Trustee in the Certificate Account, together with investment earnings on such ~~amounts,~~ amounts and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, ~~inclusive~~ exclusive of investment earnings ~~thereon~~thereon (except as otherwise provided in the Pooling and Servicing Agreement), whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); , and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each ~~Distribution~~ Payment Date, as hereinafter described, which will fully amortize such original Class A-1 Certificate Principal Balance ~~of the Class MV-1 Certificates~~ over the period from the date of initial issuance of the Certificates to the ~~Final Scheduled Distribution~~ final Payment Date for the Class ~~MV-1~~ A-1 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~December 28, ~~2002~~ 1998 (the first ~~Distribution~~ Payment Date), ) be less than the ~~original~~ Original Class A Certificate Principal Balance ~~of the Class MV-1 Certificates~~ set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement (as defined below) provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~DECEMBER 28, ~~2002~~ 1998 (THE FIRST ~~DISTRIBUTION~~ PAYMENT DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~1998-A4, Home Equity Loan ~~Asset~~Pass-~~Backed~~ Through Certificates, Class ~~MV-1~~ A-1 (the "Class ~~MV-1~~ A-1 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ November 1, ~~2002~~ 1998 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC ~~Funding, LLC~~Asset Receivable Corporation, in its capacity as ~~depositor~~ Depositor (the "Depositor"~~), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ ) and Norwest Bank ~~One~~Minnesota, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~1998-A 4 Home Equity Loan ~~Asset~~Pass-~~Backed~~ Through Certificates, Class ~~AF-1~~ A-2 (the "Class ~~AF-1~~ A-2 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), ) and Class ~~R-1 and Class R-2~~ R (~~together,~~ Residual Interest) (the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, A-1 Certificates and the Class BV A-2 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered Certificates, the~~ Class ~~X-IO~~ A Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "~~Distribution~~ Payment Date") commencing ~~February 25~~December 28, ~~2002~~1998, the Owners of the Class ~~MV-1~~ A-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a ~~Distribution~~ Payment Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A-1 Distribution Amount relating to such ~~Certificates~~ Certificate on such ~~Distribution~~ Payment Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-l Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such ~~Distribution~~ Payment Date to the Owners of the Class ~~MV-1~~ A-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-1 Certificate on the Startup Day by the aggregate Class A-l Certificate Principal Balance ~~of the Class MV-1 Certificates~~ on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Asset Receivables Corp)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ B-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ B-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~___________ ___, ~~2002~~ 20__ (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ B-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~___________ ___, ~~2002~~ 20__ (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~20__-__, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ B-2 (the "“Class ~~MV-1~~ B-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January 1~~___________ ___, ~~2002~~ 20__ (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC~~ [ Conduit ~~Funding, LLC~~Seller ], as conduit seller (the “Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ ”) and ~~Bank One, National Association~~[Trustee], in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~ 20__-__ Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF M-1 (the “Class BF M-1 Certificates"”), Class AV M-2 (the "“Class AV M-2 Certificates"”), Class ~~MV-2~~ M-3 (the "“Class ~~MV-2~~ M-3 Certificates"”), Class BV M-4 (the “Class BV M-4 Certificates"”), Class M-5 (the “Class M-5 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-3 (the “Class B-3 Certificates”), Class X-IO (the "“Class X-IO Certificates~~"),~~ ”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2~~ M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates, the Class B-2 Certificates and the Class BV B-3 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the ~~25th~~ __th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~___________ ___, ~~2002~~20__, the Owners of the Class ~~MV-1~~ B-2 Certificates as of the close of business on the ~~last~~ Business Day ~~of the calendar month~~ immediately preceding the ~~calendar month in which a~~ Distribution Date ~~occurs~~ (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $~~1,000,000~~ [ ] (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ B-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ B-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ B-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ B-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ B-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx Street Funding II, LLC~~ [ Conduit Seller ] or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ B-2 Certificates are issuable only as registered Certificates in minimum denominations of $~~25,000~~ [ ] original Certificate Principal Balance and in integral multiples of $~~1,000~~ [ ] in excess of $~~25,000~~[ ]. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ B-2 Certificates are exchangeable for new Class ~~MV-1~~ B-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Initial Home Equity Loans in Group II listed in ~~Schedule I-A and~~ Schedule I-B to the Pooling and Servicing Agreement ~~(as defined below)~~ which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the ~~Trustee~~Trustee and the Subsequent Home Equity Loans in Group II listed in Schedule I-B to any Subsequent Transfer Agreement which the Seller will cause to be delivered to the Depositor and the Depositor will cause to be delivered to the Trustee (and all substitutions therefor as provided by Section 3.03, 3.04 and 3.06 of the Pooling and Servicing Agreement), together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group II as may be held by the Trustee in the Certificate Account, the Pre-Funding Account and the Capitalized Interest Account, together with investment earnings on such ~~amounts,~~ amounts and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); , and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Class A-2 Certificate Principal Balance ~~of the Class MV-1 Certificates~~ over the period from the date of initial issuance of the Certificates to the ~~Final Scheduled~~ final Distribution Date for the Class ~~MV-1~~ A-2 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~September 27, ~~2002~~ 1999 (the first Distribution Date), ) be less than the ~~original~~ Original Class A-2 Certificate Principal Balance ~~of the Class MV-1 Certificates~~ set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement (as defined below) provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JUNE 25, ~~2002~~ 1999 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~1999-A3, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-2 (the "Class ~~MV-1~~ A-2 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, ~~2002~~ 1999 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC ~~Funding, LLC~~Asset Receivable Corporation, in its capacity as ~~depositor~~ Depositor (the "Depositor"~~), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ ) and Norwest Bank ~~One~~Minnesota, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~1999-A 3 Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-3 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-3 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, A-2 Certificates and the Class BV A-3 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February 25~~September 27, ~~2002~~1999, the Owners of the Class ~~MV-1~~ A-2 Certificates as of the close of business on the last Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A-2 Distribution Amount relating to such ~~Certificates~~ Certificate on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-2 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-2 Certificate on the Startup Day by the aggregate Class A-2 Certificate Principal Balance ~~of the Class MV-1 Certificates~~ on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Ln Asset Bk Cert Ser 1999-3)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Initial Home Equity Loans in Group IIa and Group IIb (other than any principal due thereon on or prior to the Cut-Off Date and any interest due thereon on or prior to July 1, 1999) listed in ~~Schedule~~ SCHEDULE I-A C and ~~Schedule~~ SCHEDULE I-B D to the Pooling and Servicing Agreement ~~(as defined below)~~ which ~~the Seller and the Conduit Sellers are causing to be delivered to the Depositor and~~ the Depositor is causing to be delivered to the ~~Trustee~~Trustee and the Subsequent Home Equity Loans in Group IIa and Group IIb (other than any principal and interest payments due thereon on or prior to the related Subsequent Cut-Off Date) listed in SCHEDULE I-C and SCHEDULE I-D to any Subsequent Transfer Date which the Depositor will cause to be delivered to the Trustee (and all substitutions therefor as provided by Section 3.04 and 3.06 of the Pooling and Servicing Agreement), together with the related Home Equity Loan documents and the Depositor's interest in any ~~Property~~Mortgaged Property which secured a Home Equity Loan but which has been acquired by foreclosure or deed in lieu of foreclosure, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group II as may be held by the Trustee in the Certificate Account, the LIBOR Carryover Fund, the Cap Reserve Fund, the Pre-Funding Account and the Capitalized Interest Account together with investment earnings on such ~~amounts,~~ amounts and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings ~~thereon~~thereon (except as otherwise provided in the Pooling and Servicing Agreement), whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); , (c) the Depositor's rights, but none of its obligations under the Mortgage Loan Purchase Agreement (except with respect to Section 17), (d) the Cap Agreement and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage ~~insurance, flood~~ insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class MV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class MV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class MV-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS ~~PAYABLE IN INSTALLMENTS. THEREFORE~~A PASS-THROUGH CERTIFICATE ONLY AND, ~~THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.~~ NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class MV-1 (the "Class MV-1 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class MV-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class MV-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class MV-1 Certificates. The Percentage Interest of each Class MV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class MV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class MV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Tr 1999-Lb1)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ B Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ B Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~January 27, ~~2002~~ 2003 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ B Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~JANUARY 27, ~~2002~~ 2003 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AD, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ B (the "“Class ~~MV-1~~ B Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ December 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A D Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the “Class BV M-2 Certificates"”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1~~ LT1-R, Class LT2-R, Class LT3-R and Class ~~R-2~~ R-1 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2~~ M-2 Certificates, Class B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~January 27, ~~2002~~2003, the Owners of the Class ~~MV-1~~ B Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ B Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ B Certificates. The Percentage Interest of each Class ~~MV-1~~ B Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ B Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ B Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ B Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ B Certificates are exchangeable for new Class ~~MV-1~~ B Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2002 D)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ June 25, ~~2002~~ 2006 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JUNE 25, ~~2002~~ 2006 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2006-A, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-2 (the "“Class ~~MV-1~~ AV-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ May 1, ~~2002~~ 2006 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2006-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-3 (the "“Class ~~AF-2~~ AV-3 Certificates"”), Class ~~AF-3~~ AV-4 (the "“Class ~~AF-3~~ AV-4 Certificates"”), Class ~~AF-4~~ M-1 (the "“Class ~~AF-4~~ M-1 Certificates"”), Class ~~AF-5~~ M-2 (the "“Class ~~AF-5~~ M-2 Certificates"”), Class ~~AF-6~~ M-3 (the "“Class ~~AF-6~~ M-3 Certificates"”), Class ~~MF-1~~ M-4 (the "“Class ~~MF-1~~ M-4 Certificates"”), Class ~~MF-2~~ M-5 (the "“Class ~~MF-2~~ M-5 Certificates"”), Class BF M-6 (the “Class BF M-6 Certificates"”), Class AV M-7 (the "“Class AV M-7 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-9 (the “Class BV M-9 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class M-11 (the “Class M-11 Certificates”), Class X-IO (the "“Class X-IO Certificates~~"),~~ ”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class ~~BV Certificates~~ M-11 Certificates, shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ June 25, ~~2002~~2006, the Owners of the Class ~~MV-1~~ AV-2 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding ~~II, LLC~~ II or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-2 Certificates are exchangeable for new Class ~~MV-1~~ AV-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2006-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans in Group I listed in Schedule I-A ~~and Schedule I-B~~ to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group I as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-1 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-1 (the "Class ~~MV-1~~ A-1 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-2 (the "Class ~~AF-1~~ A-2 Certificates"), Class ~~AF-2~~ A-3 (the "Class ~~AF-2~~ A-3 Certificates"), Class ~~AF-3~~ A-4 (the "Class ~~AF-3~~ A-4 Certificates"), Class ~~AF-4~~ A-5 (the "Class ~~AF-4~~ A-5 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-7 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ A-6 Certificates and the Class BV A-7 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Asset Backed Certs Series 2001 A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~___________ ___, ~~2002~~ 20__ (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~___________ ___, ~~2002~~ 20__ (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~20__-__, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-2 (the "“Class ~~MV-1~~ AV-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January 1~~___________ ___, ~~2002~~ 20__ (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC~~ [ Conduit ~~Funding, LLC~~Seller ], as conduit seller (the “Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ ”) and ~~Bank One, National Association~~[Trustee], in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~ 20__-__ Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ M-1 (the "“Class ~~MF-2~~ M-1 Certificates"”), Class BF M-2 (the “Class BF M-2 Certificates"”), Class AV M-3 (the "“Class AV M-3 Certificates"”), Class ~~MV-2~~ M-4 (the "“Class ~~MV-2~~ M-4 Certificates"”), Class BV M-5 (the “Class BV M-5 Certificates"”), Class M-6 (the “Class M-6 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class B-3 (the “Class B-3 Certificates”),Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2~~ M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates, the Class B-2 Certificates and the Class BV B-3 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the ~~25th~~ __th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~___________ ___, ~~2002~~20__, the Owners of the Class ~~MV-1~~ AV-2 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $~~1,000,000~~ [ ] (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx Street Funding II, LLC~~ [ Conduit Seller ] or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-2 Certificates are issuable only as registered Certificates in minimum denominations of $~~25,000~~ [ ] original Certificate Principal Balance and in integral multiples of $~~1,000~~ [ ] in excess of $~~25,000~~[ ]. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-2 Certificates are exchangeable for new Class ~~MV-1~~ AV-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-1 (the "Class ~~MV-1~~ AF-1 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1 (the "Class AF-1 Certificates"), Class~~ AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-1 (the "Class MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 ~~Certificates,~~ Certificates and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class ~~MV-1~~ AF-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-1 Certificates are exchangeable for new Class ~~MV-1~~ AF-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ 2-AV-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ May 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ MAY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ 2-AV-2 (the "“Class ~~MV-1~~ 2-AV-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ April 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 1-AV-1 (the "“Class ~~AF-1~~ 1-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-1 (the "“Class ~~AF-2~~ 2-AV-2 Certificates"”), Class ~~AF-3~~ 2-AV-3 (the "“Class ~~AF-3~~ 2-AV-3 Certificates"”), Class ~~AF-4~~ 2-AV-4 (the "“Class ~~AF-4~~ 2-AV-4 Certificates"”), Class ~~AF-5~~ M-1 (the "“Class ~~AF-5~~ M-1 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 1-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates and the Class BV M-9 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ May 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ 2-AV-2 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ 2-AV-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ 2-AV-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ 2-AV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ 2-AV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ 2-AV-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ 2-AV-2 Certificates are exchangeable for new Class ~~MV-1~~ 2-AV-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ MF-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ MF-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ MF-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ MF-1 (the "Class ~~MV-1~~ MF-1 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class ~~MF-1 (the "Class MF-1 Certificates"), Class~~ MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-1 (the "Class MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 ~~Certificates,~~ Certificates and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class ~~MV-1~~ MF-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ MF-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ MF-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ MF-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ MF-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ MF-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ MF-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ MF-1 Certificates are exchangeable for new Class ~~MV-1~~ MF-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ B-3 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ B-3 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ November 25, ~~2002~~ 2005 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ B-3 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ NOVEMBER 25, ~~2002~~ 2005 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-AD, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ B-3 (the "“Class ~~MV-1~~ B-3 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ October 1, ~~2002~~ 2005 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-A D Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF M-1 (the “Class BF M-1 Certificates"”), Class AV M-2 (the "“Class AV M-2 Certificates"”), Class ~~MV-2~~ M-3 (the "“Class ~~MV-2~~ M-3 Certificates"”), Class BV M-4 (the “Class BV M-4 Certificates"”), Class M-5 (the “Class M-5 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class X-IO (the "“Class X-IO Certificates~~"),~~ ”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2~~ M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates, the Class B-2 Certificates and the Class BV B-3 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ November 25, ~~2002~~2005, the Owners of the Class ~~MV-1~~ B-3 Certificates as of the close of business on the ~~last~~ Business Day ~~of the calendar month~~ immediately preceding the ~~calendar month in which a~~ Distribution Date ~~occurs~~ (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ B-3 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ B-3 Certificates. The Percentage Interest of each Class ~~MV-1~~ B-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ B-3 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ B-3 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ B-3 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ B-3 Certificates are exchangeable for new Class ~~MV-1~~ B-3 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-D)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ B-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ B-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ September 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ B-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ SEPTEMBER 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AC, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ B-2 (the "“Class ~~MV-1~~ B-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the Class BV M-2 Certificates"”), Class B-1 (the “Class B-1 Certificates”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1~~ R-1, Class R-2, Class R-3 and Class ~~R-2~~ R-4 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2 Certificates,~~ M-2 Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ September 25, 2002, the Owners of the Class ~~MV-1~~ B-2 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ B-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ B-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ B-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ B-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ B-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ B-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ B-2 Certificates are exchangeable for new Class ~~MV-1~~ B-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-5 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ September 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ SEPTEMBER 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AC, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-5 (the "“Class ~~MV-1~~ AF-5 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates~~"), Class AF-5 (the "Class AF-5 Certificates"~~”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the Class BV M-2 Certificates"”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the Class B-2 Certificates”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1~~ R-1, Class R-2, Class R-3 and Class ~~R-2~~ R-4 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2 Certificates,~~ M-2 Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ September 25, 2002, the Owners of the Class ~~MV-1~~ AF-5 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-5 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-5 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-5 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-5 Certificates are exchangeable for new Class ~~MV-1~~ AF-5 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ May 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ MAY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-1 (the "“Class ~~MV-1~~ M-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ April 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 1-AV-1 (the "“Class ~~AF-1~~ 1-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-1 (the "“Class ~~AF-2~~ 2-AV-1 Certificates"”), Class ~~AF-3~~ 2-AV-2 (the "“Class ~~AF-3~~ 2-AV-2 Certificates"”), Class ~~AF-4~~ 2-AV-3 (the "“Class ~~AF-4~~ 2-AV-3 Certificates"”), Class ~~AF-5~~ 2-AV-4 (the "“Class ~~AF-5~~ 2-AV-4 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 1-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates and the Class BV M-9 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ May 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ M-1 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-1 Certificates are exchangeable for new Class ~~MV-1~~ M-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-5 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2005 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2005 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-AC, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-5 (the "“Class ~~MV-1~~ AF-5 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2005 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates~~"), Class AF-5 (the "Class AF-5 Certificates"~~”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF AV-3 (the “Class AV-3 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the Class BF M-2 Certificates"”), Class AV M-3 (the "“Class AV M-3 Certificates"”), Class ~~MV-2~~ M-4 (the "“Class ~~MV-2~~ M-4 Certificates"”), Class BV M-5 (the “Class BV M-5 Certificates"”), Class M-6 (the “Class M-6 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF AV-3 Certificates, Class M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2~~ M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates and the Class BV B-2 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2005, the Owners of the Class ~~MV-1~~ AF-5 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-5 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-5 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-5 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-5 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-5 Certificates are exchangeable for new Class ~~MV-1~~ AF-5 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-3 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ 2-AV-3 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ May 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-3 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ MAY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ 2-AV-3 (the "“Class ~~MV-1~~ 2-AV-3 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ April 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 1-AV-1 (the "“Class ~~AF-1~~ 1-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-1 (the "“Class ~~AF-2~~ 2-AV-1 Certificates"”), Class ~~AF-3~~ 2-AV-2 (the "“Class ~~AF-3~~ 2-AV-2 Certificates"”), Class ~~AF-4~~ 2-AV-4 (the "“Class ~~AF-4~~ 2-AV-4 Certificates"”), Class ~~AF-5~~ M-1 (the "“Class ~~AF-5~~ M-1 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 1-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates and the Class BV M-9 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ May 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ 2-AV-3 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ 2-AV-3 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ 2-AV-3 Certificates. The Percentage Interest of each Class ~~MV-1~~ 2-AV-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ 2-AV-3 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-3 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ 2-AV-3 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ 2-AV-3 Certificates are exchangeable for new Class ~~MV-1~~ 2-AV-3 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ 2-AV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ May 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ MAY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ 2-AV-1 (the "“Class ~~MV-1~~ 2-AV-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ April 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 1-AV-1 (the "“Class ~~AF-1~~ 1-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-2 (the "“Class ~~AF-2~~ 2-AV-2 Certificates"”), Class ~~AF-3~~ 2-AV-3 (the "“Class ~~AF-3~~ 2-AV-3 Certificates"”), Class ~~AF-4~~ 2-AV-4 (the "“Class ~~AF-4~~ 2-AV-4 Certificates"”), Class ~~AF-5~~ M-1 (the "“Class ~~AF-5~~ M-1 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 1-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates and the Class BV M-9 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ May 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ 2-AV-1 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ 2-AV-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ 2-AV-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ 2-AV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ 2-AV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ 2-AV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ 2-AV-1 Certificates are exchangeable for new Class ~~MV-1~~ 2-AV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ MF-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ MF-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ MF-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ MF-2 (the "Class ~~MV-1~~ MF-2 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller,~~ Xxxxxxx Street Funding II, LLC, as Conduit Seller II and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A B Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class ~~MF-2 (the "Class MF-2 Certificates"), Class~~ BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-1 (the "Class MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class A-IO (the "Class A-IO Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class ~~R-1~~ R-1, Class R-2 and Class ~~R-2~~ R-3 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF ~~Certificates,~~ Certificates the Class AV Certificates, ~~the~~ Class MV-1 Certificates, the Class MV-2 Certificates, the Class BV Certificates and the Class BV A-IO Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, 2002, the Owners of the Class ~~MV-1~~ MF-2 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ MF-2 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ MF-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ MF-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ MF-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ MF-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates (other than the Class A-IO Certificates) as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ MF-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ MF-2 Certificates are exchangeable for new Class ~~MV-1~~ MF-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002 B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-4 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-4 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), ) be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-4 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-4 (the "Class ~~MV-1~~ AF-4 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class ~~AF-4 (the "Class AF-4 Certificates"), Class~~ AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-1 (the "Class MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 ~~Certificates,~~ Certificates and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class ~~MV-1~~ AF-4 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-4 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-4 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-4 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-4 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-4 Certificates are exchangeable for new Class ~~MV-1~~ AF-4 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-4 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-4 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ June 25, ~~2002~~ 2006 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-4 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JUNE 25, ~~2002~~ 2006 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2006-A, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-4 (the "“Class ~~MV-1~~ AV-4 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Amended and Restated Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2006 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2006-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-2 (the "“Class ~~AF-2~~ AV-2 Certificates"”), Class ~~AF-3~~ AV-3 (the "“Class ~~AF-3~~ AV-3 Certificates"”), Class ~~AF-4~~ M-1 (the "“Class ~~AF-4~~ M-1 Certificates"”), Class ~~AF-5~~ M-2 (the "“Class ~~AF-5~~ M-2 Certificates"”), Class ~~AF-6~~ M-3 (the "“Class ~~AF-6~~ M-3 Certificates"”), Class ~~MF-1~~ M-4 (the "“Class ~~MF-1~~ M-4 Certificates"”), Class ~~MF-2~~ M-5 (the "“Class ~~MF-2~~ M-5 Certificates"”), Class BF M-6 (the “Class BF M-6 Certificates"”), Class AV M-7 (the "“Class AV M-7 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-9 (the “Class BV M-9 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class M-11 (the “Class M-11 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class ~~BV Certificates~~ M-11 Certificates, shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ June 25, ~~2002~~2006, the Owners of the Class ~~MV-1~~ AV-4 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-4 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-4 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-4 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding ~~II, LLC~~ II or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-4 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-4 Certificates are exchangeable for new Class ~~MV-1~~ AV-4 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2006-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ B Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ B Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ B Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ B (the "Class ~~MV-1~~ B Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx~~ Harwood Street Funding II, LLC, as Conduit Seller II and Bank One, ~~National~~ Xxxxxxal Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-5 (the "Class ~~AF-5~~ A-5 Certificates"), Class ~~AF-6~~ A-6 (the "Class ~~AF-6~~ A-6 Certificates"), Class ~~MF-1~~ A-7 (the "Class ~~MF-1~~ A-7 Certificates"), Class ~~MF-2~~ M-1 (the "Class ~~MF-2~~ M-1 Certificates"), Class ~~BF (the Class BF Certificates"), Class AV~~ M-2 (the "Class ~~AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ M-2 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ July 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-5 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ B Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ B Certificates. The Percentage Interest of each Class ~~MV-1~~ B Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ B Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ B Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx~~ Harwood Street Funding II, LLC or Centex Credit Corporation d/b/x Xxxxex Home Equity ~~Company, LLC~~ Corporation or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ B Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ B Certificates are exchangeable for new Class ~~MV-1~~ B Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans in Group I listed in ~~Schedule~~ SCHEDULE I-A ~~and Schedule I-B~~ to the Pooling and Servicing Agreement ~~(as defined below)~~ which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group I as may be held by the Trustee in the Certificate Account, together with investment earnings on such ~~amounts,~~ amounts and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); , and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-4 Certificates over the period from the date of initial issuance of the Certificates to the ~~Final Scheduled~~ final Distribution Date for the Class ~~MV-1~~ A-4 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ January 25, ~~2002~~ 20__ (the first Distribution Date), ) be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-4 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement (as defined below) provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JANUARY 25, ~~2002~~ 20__ (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~2000-__, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-4 (the "Class ~~MV-1~~ A-4 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January 1~~__________, ~~2002~~ 20__ (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and ~~Bank One, National Association~~_______________, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~ 2000-__ Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-5 (the "Class ~~AF-4~~ A-5 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-7 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ A-6 Certificates and the Class BV A-7 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ January 25, ~~2002~~20__, the Owners of the Class ~~MV-1~~ A-4 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A-4 Distribution Amount relating to such ~~Certificates~~ Certificate on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least [$~~1,000,000~~ 1,000,000] (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-4 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-4 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-4 Certificates on the Startup Day. The ~~Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect~~ Certificate Insurer is required, subject to ~~this Certificate in accordance with~~ the terms ~~hereof and~~ of the ~~Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution~~ related Certificate Insurance Policy to ~~any Owner shall be considered as having been paid by~~ make Insured Payments available to the Trustee ~~to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant~~ on or prior to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.related Distribution

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-3 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-3 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2005 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-3 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2005 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-AC, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-3 (the "“Class ~~MV-1~~ AV-3 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2005 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF M-1 (the “Class BF M-1 Certificates"”), Class AV M-2 (the "“Class AV M-2 Certificates"”), Class ~~MV-2~~ M-3 (the "“Class ~~MV-2~~ M-3 Certificates"”), Class BV M-4 (the “Class BV M-4 Certificates"”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF AV-3 Certificates, the Class AV M-1 Certificates, the Class ~~MV-1~~ M-2 Certificates, the Class ~~MV-2~~ M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates and the Class BV B-2 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2005, the Owners of the Class ~~MV-1~~ AV-3 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-3 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-3 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-3 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-3 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-3 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-3 Certificates are exchangeable for new Class ~~MV-1~~ AV-3 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ B-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ B-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ September 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ B-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ SEPTEMBER 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AC, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ B-1 (the "“Class ~~MV-1~~ B-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the Class BV M-2 Certificates"”), Class B-2 (the Class B-2 Certificates”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1~~ R-1, Class R-2, Class R-3 and Class ~~R-2~~ R-4 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2 Certificates,~~ M-2 Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ September 25, 2002, the Owners of the Class ~~MV-1~~ B-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ B-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ B-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ B-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ B-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ B-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ B-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ B-1 Certificates are exchangeable for new Class ~~MV-1~~ B-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-2 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-2 (the "Class ~~MV-1~~ M-2 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx~~ Harwood Street Funding II, LLC, as Conduit Seller II and Bank One, ~~National~~ Xxxxxxal Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-5 (the "Class ~~AF-5~~ A-5 Certificates"), Class ~~AF-6~~ A-6 (the "Class ~~AF-6~~ A-6 Certificates"), Class ~~MF-1~~ A-7 (the "Class ~~MF-1~~ A-7 Certificates"), Class ~~MF-2~~ M-1 (the "Class ~~MF-2~~ M-1 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ July 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ M-2 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-2 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx~~ Harwood Street Funding II, LLC or Centex Credit Corporation d/b/x Xxxxex Home Equity ~~Company, LLC~~ Corporation or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-2 Certificates are exchangeable for new Class ~~MV-1~~ M-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ November 25, ~~2002~~ 2005 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ NOVEMBER 25, ~~2002~~ 2005 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-AD, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-2 (the "“Class ~~MV-1~~ AV-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ October 1, ~~2002~~ 2005 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-A D Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ M-1 (the "“Class ~~MF-2~~ M-1 Certificates"”), Class BF M-2 (the “Class BF M-2 Certificates"”), Class AV M-3 (the "“Class AV M-3 Certificates"”), Class ~~MV-2~~ M-4 (the "“Class ~~MV-2~~ M-4 Certificates"”), Class BV M-5 (the “Class BV M-5 Certificates"”), Class M-6 (the “Class M-6 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class B-3 (the “Class B-3 Certificates”),Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2~~ M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates, the Class B-2 Certificates and the Class BV B-3 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ November 25, ~~2002~~2005, the Owners of the Class ~~MV-1~~ AV-2 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-2 Certificates are exchangeable for new Class ~~MV-1~~ AV-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-D)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-5 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-5 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ November 25, ~~2002~~ 2005 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-5 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ NOVEMBER 25, ~~2002~~ 2005 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-AD, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-5 (the "“Class ~~MV-1~~ M-5 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ October 1, ~~2002~~ 2005 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-A D Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF M-1 (the “Class BF M-1 Certificates"”), Class AV M-2 (the "“Class AV M-2 Certificates"”), Class ~~MV-2~~ M-3 (the "“Class ~~MV-2~~ M-3 Certificates"”), Class BV M-4 (the “Class BV M-4 Certificates"”), Class M-6 (the “Class M-6 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates), Class B-3 (the “Class B-3 Certificates),Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2~~ M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates, the Class B-2 Certificates and the Class BV B-3 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ November 25, ~~2002~~2005, the Owners of the Class ~~MV-1~~ M-5 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-5 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-5 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-5 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-5 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-5 Certificates are exchangeable for new Class ~~MV-1~~ M-5 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-D)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ B-3 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ B-3 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~___________ ___, ~~2002~~ 20__ (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ B-3 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~___________ ___, ~~2002~~ 20__ (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~20__-__, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ B-3 (the "“Class ~~MV-1~~ B-3 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January 1~~___________ ___, ~~2002~~ 20__ (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC~~ [ Conduit ~~Funding, LLC~~Seller ], as conduit seller (the “Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ ”) and ~~Bank One, National Association~~[Trustee], in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~ 20__-__ Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF M-1 (the “Class BF M-1 Certificates"”), Class AV M-2 (the "“Class AV M-2 Certificates"”), Class ~~MV-2~~ M-3 (the "“Class ~~MV-2~~ M-3 Certificates"”), Class BV M-4 (the “Class BV M-4 Certificates"”), Class M-5 (the “Class M-5 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class X-IO (the "“Class X-IO Certificates~~"),~~ ”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2~~ M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates, the Class B-2 Certificates and the Class BV B-3 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the ~~25th~~ __th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~___________ ___, ~~2002~~20__, the Owners of the Class ~~MV-1~~ B-3 Certificates as of the close of business on the ~~last~~ Business Day ~~of the calendar month~~ immediately preceding the ~~calendar month in which a~~ Distribution Date ~~occurs~~ (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $~~1,000,000~~ [ ] (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ B-3 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ B-3 Certificates. The Percentage Interest of each Class ~~MV-1~~ B-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ B-3 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ B-3 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx Street Funding II, LLC~~ [ Conduit Seller ] or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ B-3 Certificates are issuable only as registered Certificates in minimum denominations of $~~25,000~~ [ ] original Certificate Principal Balance and in integral multiples of $~~1,000~~ [ ] in excess of $~~25,000~~[ ]. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ B-3 Certificates are exchangeable for new Class ~~MV-1~~ B-3 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A A, Schedule I-B and Schedule I-B C to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) the Trust’s right to receive the Trust Portion of any payment received by the Trustee on the Cap Agreements and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, but only the Trust Portion thereof, together with investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, ~~2002~~ 2003 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, ~~2002~~ 2003 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-2 (the "“Class ~~MV-1~~ AV-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2003 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ M-1 (the "“Class ~~MF-2~~ M-1 Certificates"”), Class BF M-2 (the “Class BF M-2 Certificates"”), Class AV M-3 (the "“Class AV M-3 Certificates"”), Class ~~MV-2~~ B (the "“Class ~~MV-2~~ B Certificates"”), Class BV A-IO (the “Class BV A-IO Certificates"”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2 Certificates,~~ B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ April 25, ~~2002~~2003, the Owners of the Class ~~MV-1~~ AV-2 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-2 Certificates are exchangeable for new Class ~~MV-1~~ AV-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Funding LLC Centex Home Eq Ln Ast Bk Cert Ser 2003-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-2 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~November 26, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~NOVEMBER 26, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-AC, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-2 (the "Class ~~MV-1~~ M-2 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ October 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A C Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-5 (the "Class ~~AF-5~~ A-5 Certificates"), Class ~~AF-6~~ A-6 (the "Class ~~AF-6~~ A-6 Certificates"), Class ~~MF-1~~ A-7 (the "Class ~~MF-1~~ A-7 Certificates"), Class ~~MF-2~~ M-1 (the "Class ~~MF-2~~ M-1 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February 25~~November 26, ~~2002~~2001, the Owners of the Class ~~MV-1~~ M-2 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-2 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-2 Certificates are exchangeable for new Class ~~MV-1~~ M-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) the Trust’s right to receive the Trust Portion of any payment received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, but only the Trust Portion thereof, together with investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-4 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-4 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2003 (the first Distribution Date), ) be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-4 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2003 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-AB, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-4 (the "“Class ~~MV-1~~ AF-4 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2003 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A B Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates~~"), Class AF-4 (the "Class AF-4 Certificates"~~”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the Class BV M-2 Certificates"”), Class M-3 (the “Class M-3 Certificates”), Class B (the “Class B Certificates”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2~~ M-2 Certificates, the Class M-3 Certificates, the Class B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2003, the Owners of the Class ~~MV-1~~ AF-4 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-4 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-4 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-4 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-4 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-4 Certificates are exchangeable for new Class ~~MV-1~~ AF-4 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2003-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ BV Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ BV Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ BV Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ BV (the "Class ~~MV-1~~ BV Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller,~~ Xxxxxxx Street Funding II, LLC, as Conduit Seller II and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A B Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class AV (the "Class AV Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV MV-1 (the "Class AV MV-1 Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV A-IO (the "Class BV A-IO Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class ~~R-1~~ R-1, Class R-2 and Class ~~R-2~~ R-3 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, the Class BV Certificates and the Class BV A-IO Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, 2002, the Owners of the Class ~~MV-1~~ BV Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ BV Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ BV Certificates. The Percentage Interest of each Class ~~MV-1~~ BV Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ BV Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ BV Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates (other than the Class A-IO Certificates) as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ BV Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ BV Certificates are exchangeable for new Class ~~MV-1~~ BV Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002 B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2005 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2005 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-AC, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-2 (the "“Class ~~MV-1~~ AV-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2005 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-3 (the "“Class ~~MF-2~~ AV-3 Certificates"”), Class BF M-1 (the “Class BF M-1 Certificates"”), Class AV M-2 (the "“Class AV M-2 Certificates"”), Class ~~MV-2~~ M-3 (the "“Class ~~MV-2~~ M-3 Certificates"”), Class BV M-4 (the “Class BV M-4 Certificates"”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF AV-3 Certificates, the Class AV M-1 Certificates, the Class ~~MV-1~~ M-2 Certificates, the Class ~~MV-2~~ M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates and the Class BV B-2 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2005, the Owners of the Class ~~MV-1~~ AV-2 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-2 Certificates are exchangeable for new Class ~~MV-1~~ AV-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-4 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-4 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2005 (the first Distribution Date), ) be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-4 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2005 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-AC, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-4 (the "“Class ~~MV-1~~ AF-4 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2005 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates~~"), Class AF-4 (the "Class AF-4 Certificates"~~”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF AV-3 (the “Class AV-3 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the Class BF M-2 Certificates"”), Class AV M-3 (the "“Class AV M-3 Certificates"”), Class ~~MV-2~~ M-4 (the "“Class ~~MV-2~~ M-4 Certificates"”), Class BV M-5 (the “Class BV M-5 Certificates"”), Class M-6 (the “Class M-6 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF AV-3 Certificates, Class M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2~~ M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates and the Class BV B-2 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2005, the Owners of the Class ~~MV-1~~ AF-4 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-4 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-4 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-4 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-4 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-4 Certificates are exchangeable for new Class ~~MV-1~~ AF-4 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-9 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-9 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ October 25, ~~2002~~ 2006 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-9 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ OCTOBER 25, ~~2002~~ 2006 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(B)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, XXXX 00-0, XXXX 00-00, XXXX 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-9 (the "“Class ~~MV-1~~ M-9 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ September 1, ~~2002~~ 2006 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a the seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC Funding,~~ Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-1 (the "“Class ~~AF-1~~ AV-1 Certificates"”), Class ~~AF-2~~ AV-2 (the "“Class ~~AF-2~~ AV-2 Certificates"”), Class ~~AF-3~~ AV-3 (the "“Class ~~AF-3~~ AV-3 Certificates"”), Class ~~AF-4~~ AV-4 (the "“Class ~~AF-4~~ AV-4 Certificates"”), Class ~~AF-5~~ M-1 (the "“Class ~~AF-5~~ M-1 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class M-11 (the “Class M-11 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class BV M-11 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ October 25, ~~2002~~2006, the Owners of the Class ~~MV-1~~ M-9 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-9 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-9 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-9 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-9 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-9 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II, LLC~~ or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-9 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-9 Certificates are exchangeable for new Class ~~MV-1~~ M-9 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2006-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ B-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ B-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ November 25, ~~2002~~ 2005 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ B-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ NOVEMBER 25, ~~2002~~ 2005 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-AD, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ B-2 (the "“Class ~~MV-1~~ B-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ October 1, ~~2002~~ 2005 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-A D Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-1 (the "“Class ~~MF-1~~ AV-1 Certificates"”), Class ~~MF-2~~ AV-2 (the "“Class ~~MF-2~~ AV-2 Certificates"”), Class BF M-1 (the “Class BF M-1 Certificates"”), Class AV M-2 (the "“Class AV M-2 Certificates"”), Class ~~MV-2~~ M-3 (the "“Class ~~MV-2~~ M-3 Certificates"”), Class BV M-4 (the “Class BV M-4 Certificates"”), Class M-5 (the “Class M-5 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-3 (the “Class B-3 Certificates”), Class X-IO (the "“Class X-IO Certificates~~"),~~ ”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2~~ M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates, the Class B-2 Certificates and the Class BV B-3 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ November 25, ~~2002~~2005, the Owners of the Class ~~MV-1~~ B-2 Certificates as of the close of business on the ~~last~~ Business Day ~~of the calendar month~~ immediately preceding the ~~calendar month in which a~~ Distribution Date ~~occurs~~ (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ B-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ B-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ B-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ B-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ B-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ B-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ B-2 Certificates are exchangeable for new Class ~~MV-1~~ B-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-D)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A A, Schedule I-B and Schedule I-B C to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) the Trust’s right to receive the Trust Portion of any payment received by the Trustee on the Cap Agreements and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, but only the Trust Portion thereof, together with investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, ~~2002~~ 2003 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, ~~2002~~ 2003 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-1 (the "“Class ~~MV-1~~ AV-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2003 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates"”), Class ~~MF-1~~ AV-2 (the "“Class ~~MF-1~~ AV-2 Certificates"”), Class ~~MF-2~~ M-1 (the "“Class ~~MF-2~~ M-1 Certificates"”), Class BF M-2 (the “Class BF M-2 Certificates"”), Class AV M-3 (the "“Class AV M-3 Certificates"”), Class ~~MV-2~~ B (the "“Class ~~MV-2~~ B Certificates"”), Class BV A-IO (the “Class BV A-IO Certificates"”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2 Certificates,~~ B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ April 25, ~~2002~~2003, the Owners of the Class ~~MV-1~~ AV-1 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-1 Certificates are exchangeable for new Class ~~MV-1~~ AV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Funding LLC Centex Home Eq Ln Ast Bk Cert Ser 2003-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in ~~Schedule~~ SCHEDULE I-A and ~~Schedule~~ SCHEDULE I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-4 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-4 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~_________, ~~2002~~ __, 200_ (the first Distribution Date), ) be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-4 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~_________, ~~2002~~ __, 200_ (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~200_-__, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-4 (the "Class ~~MV-1~~ A-4 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January 1~~_________, ~~2002~~ __, 200_ (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, ~~Xxxxxxx~~ Harwood Street Funding II, LLC, as Conduit Seller II and Bank One, ~~National~~ Naxxxxxx Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~ 200_-__ Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-5 (the "Class ~~AF-4~~ A-5 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class ~~AF-6~~ A-7 Certificates"), Class ~~MF-1~~ M-1 (the "Class ~~MF-1~~ M-1 Certificates"), Class ~~MF-2~~ M-2 (the "Class ~~MF-2~~ M-2 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February 25~~_________, ~~2002~~__, 200_, the Owners of the Class ~~MV-1~~ A-4 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-4 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-4 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-4 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx~~ Harwood Street Funding II, LLC or Centex Home Equity Company, LLC or ~~any of~~ xxx xx their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ A-4 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ A-4 Certificates are exchangeable for new Class ~~MV-1~~ A-4 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Initial Home Equity Loans in Group I listed in Schedule I-A ~~and Schedule I-B~~ to the Pooling and Servicing Agreement ~~(as defined below)~~ which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the ~~Trustee~~Trustee and the Subsequent Home Equity Loans in the Group I listed in Schedule I-A to any Subsequent Transfer Agreement which the Seller will cause to be delivered to the Depositor and the Depositor will cause to be delivered to the Trustee (and all substitutions therefor as provided by Section 3.03, 3.04 and 3.06 of the Pooling and Servicing Agreement), together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group I as may be held by the Trustee in the Certificate Account, the pre-Funding Account and the Capitalized Interest Account together with investment earnings on such ~~amounts,~~ amounts and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); , and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Class A-1 Certificate Principal Balance ~~of the Class MV-1 Certificates~~ over the period from the date of initial issuance of the Certificates to the ~~Final Scheduled~~ final Distribution Date for the Class ~~MV-1~~ A-1 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~September 27, ~~2002~~ 1999 (the first Distribution Date), ) be less than the ~~original~~ Original Class A-1 Certificate Principal Balance ~~of the Class MV-1 Certificates~~ set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement (as defined below) provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~SEPTEMBER 27, ~~2002~~ 1999 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~1999-A3, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-1 (the "Class ~~MV-1~~ A-1 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, ~~2002~~ 1999 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC ~~Funding, LLC~~Asset Receivable Corporation, in its capacity as ~~depositor~~ Depositor (the "Depositor"~~), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ ) and Norwest Bank ~~One~~Minnesota, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~1999-A 3 Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-2 (the "Class ~~AF-1~~ A-2 Certificates"), Class ~~AF-2~~ A-3 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-3 Certificates"), Class X-IO (the "Class X-IO Certificates"), ~~and~~ Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 A-2 Certificates, and the Class BV A-3 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February 25~~September 27, ~~2002~~1999, the Owners of the Class ~~MV-1~~ A-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A-1 Distribution Amount relating to such ~~Certificates~~ Certificate on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-l Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-1 Certificate on the Startup Day by the aggregate Class A-l Certificate Principal Balance ~~of the Class MV-1 Certificates~~ on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Ln Asset Bk Cert Ser 1999-3)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ 1-AV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ 1-AV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ May 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ 1-AV-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ MAY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ 1-AV-1 (the "“Class ~~MV-1~~ 1-AV-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ April 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 2-AV-1 (the "“Class ~~AF-1~~ 2-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-2 (the "“Class ~~AF-2~~ 2-AV-2 Certificates"”), Class ~~AF-3~~ 2-AV-3 (the "“Class ~~AF-3~~ 2-AV-3 Certificates"”), Class ~~AF-4~~ 2-AV-4 (the "“Class ~~AF-4~~ 2-AV-4 Certificates"”), Class ~~AF-5~~ M-1 (the "“Class ~~AF-5~~ M-1 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 1-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates and the Class BV M-9 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ May 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ 1-AV-1 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ 1-AV-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ 1-AV-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ 1-AV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ 1-AV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ 1-AV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ 1-AV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ 1-AV-1 Certificates are exchangeable for new Class ~~MV-1~~ 1-AV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-7 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-7 (the "Class ~~MV-1~~ A-7 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx~~ Harwood Street Funding II, LLC, as Conduit Seller II and Bank One, ~~National~~ Xxxxxxal Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-5 (the "Class ~~AF-5~~ A-5 Certificates"), Class ~~AF-6~~ A-6 (the "Class ~~AF-6~~ A-6 Certificates"), Class ~~MF-1~~ M-1 (the "Class ~~MF-1~~ M-1 Certificates"), Class ~~MF-2~~ M-2 (the "Class ~~MF-2~~ M-2 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ July 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-7 Certificates as of the close of business on the last Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-7 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-7 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-7 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-7 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx~~ Harwood Street Funding II, LLC or Centex Credit Corporation d/b/x Xxxxex Home Equity ~~Company, LLC~~ Corporation or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ A-7 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ A-7 Certificates are exchangeable for new Class ~~MV-1~~ A-7 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Initial Home Equity Loans in Group II listed in ~~Schedule I-A and~~ Schedule I-B to the Pooling and Servicing Agreement ~~(as defined below)~~ which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the ~~Trustee~~Trustee and the Subsequent Home Equity Loans in Group II listed in Schedule I-B to any Subsequent Transfer Agreement which the Seller will cause to be delivered to the Depositor and the Depositor will cause to be delivered to the Trustee (and all substitutions therefor as provided by Section 3.03, 3.04 and 3.06 of the Pooling and Servicing Agreement), together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group I as may be held by the Trustee in the Certificate Account, the Pre-Funding Account and the Capitalized Interest Account together with investment earnings on such ~~amounts,~~ amounts and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); , and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Class A-3 Certificate Principal Balance ~~of the Class MV-1 Certificates~~ over the period from the date of initial issuance of the Certificates to the ~~Final Scheduled~~ final Distribution Date for the Class ~~MV-1~~ A-3 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~September 27, ~~2002~~ 1999 (the first Distribution Date), ) be less than the ~~original~~ Original Class A-3 Certificate Principal Balance ~~of the Class MV-1 Certificates~~ set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement (as defined below) provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~SEPTEMBER 27, ~~2002~~ 1999 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~1999-A3, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-3 (the "Class ~~MV-1~~ A-3 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, ~~2002~~ 1999 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC ~~Funding, LLC~~Asset Receivable Corporation, in its capacity as ~~depositor~~ Depositor (the "Depositor"~~), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ ) and Norwest Bank ~~One~~Minnesota, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~1999-A 3 Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-2 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, A-2 Certificates and the Class ~~BV Certificates~~ A-3 Certificates, shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February 25~~September 27, ~~2002~~1999, the Owners of the Class ~~MV-1~~ A-3 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A-3 Distribution Amount relating to such ~~Certificates~~ Certificate on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-3 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-3 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-3 Certificate on the Startup Day by the aggregate Class A-3 Certificate Principal Balance ~~of the Class MV-1 Certificates~~ on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Ln Asset Bk Cert Ser 1999-3)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in ~~Schedule~~ SCHEDULE I-A and ~~Schedule~~ SCHEDULE I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-5 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~_________, ~~2002~~ __, 200_ (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~_________, ~~2002~~ __, 200_ (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~200_-__, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-5 (the "Class ~~MV-1~~ A-5 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January 1~~_________, ~~2002~~ __, 200_ (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, ~~Xxxxxxx~~ Harwood Street Funding II, LLC, as Conduit Seller II and Bank One, ~~National~~ Naxxxxxx Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002-A~~ 200_-__ Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class ~~AF-6~~ A-7 Certificates"), Class ~~MF-1~~ M-1 (the "Class ~~MF-1~~ M-1 Certificates"), Class ~~MF-2~~ M-2 (the "Class ~~MF-2~~ M-2 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February 25~~_________, ~~2002~~__, 200_, the Owners of the Class ~~MV-1~~ A-5 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-5 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-5 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx~~ Harwood Street Funding II, LLC or Centex Home Equity Company, LLC or ~~any of~~ xxx xx their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ A-5 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ A-5 Certificates are exchangeable for new Class ~~MV-1~~ A-5 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Initial Home Equity Loans in Group Ia and Group Ib (other than any principal due thereon on or prior to the Cut-Off Date and any interest due thereon on or prior to July 1, 1999) listed in ~~Schedule~~ SCHEDULE I-A and ~~Schedule~~ SCHEDULE I-B to the Pooling and Servicing Agreement ~~(as defined below)~~ which ~~the Seller and the Conduit Sellers are causing to be delivered to the Depositor and~~ the Depositor is causing to be delivered to the ~~Trustee~~Trustee and the Subsequent Home Equity Loans in Group Ia and Group Ib (other than any principal and interest payments due thereon on or prior to the related Subsequent Cut-Off Date) listed in SCHEDULE I-A and SCHEDULE I-B to any Subsequent Transfer Date which the Depositor will cause to be delivered to the Trustee (and all substitutions therefor as provided by Section 3.04 and 3.06 of the Pooling and Servicing Agreement), together with the related Home Equity Loan documents and the Depositor's interest in any ~~Property~~Mortgaged Property which secured a Home Equity Loan but which has been acquired by foreclosure or deed in lieu of foreclosure, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group I as may be held by the Trustee in the Certificate Account, the LIBOR Carryover Fund, the Cap Reserve Fund, the Pre-Funding Account and the Capitalized Interest Account together with investment earnings on such ~~amounts,~~ amounts and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings ~~thereon~~thereon (except as otherwise provided in the Pooling and Servicing Agreement), whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); , (c) the Depositor's rights, but none of its obligations under the Mortgage Loan Purchase Agreement (except with respect to Section 17), (d) the Cap Agreement and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage ~~insurance, flood~~ insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class MV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class MV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to February 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class MV-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO FEBRUARY 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-A, Home Equity Loan Asset-Backed Certificates, Class MV-1 (the "Class MV-1 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement") by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "Seller") and as the servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "Class AF-1 Certificates"), Class AF-2 (the "Class AF-2 Certificates"), Class AF-3 (the "Class AF-3 Certificates"), Class AF-4 (the "Class AF-4 Certificates"), Class AF-5 (the "Class AF-5 Certificates"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates, and the Class BV Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing February 25, 2002, the Owners of the Class MV-1 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class MV-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class MV-1 Certificates. The Percentage Interest of each Class MV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class MV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class MV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Tr 1999-Lb1)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ M-9 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ M-9 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ May 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ M-9 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ MAY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. IF THE RATING OF THIS CERTIFICATE IS BELOW INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ M-9 (the "“Class ~~MV-1~~ M-9 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ April 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 1-AV-1 (the "“Class ~~AF-1~~ 1-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-1 (the "“Class ~~AF-2~~ 2-AV-1 Certificates"”), Class ~~AF-3~~ 2-AV-2 (the "“Class ~~AF-3~~ 2-AV-2 Certificates"”), Class ~~AF-4~~ 2-AV-3 (the "“Class ~~AF-4~~ 2-AV-3 Certificates"”), Class ~~AF-5~~ 2-AV-4 (the "“Class ~~AF-5~~ 2-AV-4 Certificates"”), Class ~~AF-6~~ M-1 (the "“Class ~~AF-6~~ M-1 Certificates"”), Class ~~MF-1~~ M-2 (the "“Class ~~MF-1~~ M-2 Certificates"”), Class ~~MF-2~~ M-3 (the "“Class ~~MF-2~~ M-3 Certificates"”), Class BF M-4 (the “Class BF M-4 Certificates"”), Class AV M-5 (the "“Class AV M-5 Certificates"”), Class ~~MV-2~~ M-6 (the "“Class ~~MV-2~~ M-6 Certificates"”), Class BV M-7 (the “Class BV M-7 Certificates"”), Class M-8 (the “Class M-8 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 1-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates and the Class BV M-9 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ May 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ M-9 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ M-9 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ M-9 Certificates. The Percentage Interest of each Class ~~MV-1~~ M-9 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ M-9 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ M-9 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ M-9 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ M-9 Certificates are exchangeable for new Class ~~MV-1~~ M-9 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-B)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ September 25, 2002 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ SEPTEMBER 25, 2002 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AC, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-2 (the "“Class ~~MV-1~~ AF-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ August 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A C Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates~~"), Class AF-2 (the "Class AF-2 Certificates"~~”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class AF-6 (the "“Class AF-6 Certificates~~"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the Class BV M-2 Certificates"”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the Class B-2 Certificates”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1~~ R-1, Class R-2, Class R-3 and Class ~~R-2~~ R-4 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2 Certificates,~~ M-2 Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ September 25, 2002, the Owners of the Class ~~MV-1~~ AF-2 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such ~~Certificates~~ Certificates, on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-2 Certificates are exchangeable for new Class ~~MV-1~~ AF-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any Cap Agreement Proceeds received by the Trustee on the Cap Agreement and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-6 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-6 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ November 25, ~~2002~~ 2005 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-6 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT ~~TO FEBRUARY~~ NOVEMBER 25, ~~2002~~ 2005 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-AD, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-6 (the "“Class ~~MV-1~~ AF-6 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ October 1, ~~2002~~ 2005 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2005-A D Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class ~~AF-6~~ AV-1 (the "“Class ~~AF-6~~ AV-1 Certificates"”), Class ~~MF-1~~ AV-2 (the "“Class ~~MF-1~~ AV-2 Certificates"”), Class ~~MF-2~~ M-1 (the "“Class ~~MF-2~~ M-1 Certificates"”), Class BF M-2 (the “Class BF M-2 Certificates"”), Class AV M-3 (the "“Class AV M-3 Certificates"”), Class ~~MV-2~~ M-4 (the "“Class ~~MV-2~~ M-4 Certificates"”), Class BV M-5 (the “Class BV M-5 Certificates"”), Class M-6 (the “Class M-6 Certificates”), Class M-7 (the “Class M-7 Certificates”), Class B-1 (the “Class B-1 Certificates”), Class B-2 (the “Class B-2 Certificates”), Class B-3 (the “Class B-3 Certificates”),Class X-IO (the "“Class X-IO Certificates"”), and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, Class AV-2 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class BF M-2 Certificates, the Class AV M-3 Certificates, the Class ~~MV-1~~ M-4 Certificates, the Class ~~MV-2~~ M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class B-1 Certificates, the Class B-2 Certificates and the Class BV B-3 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ November 25, ~~2002~~2005, the Owners of the Class ~~MV-1~~ AF-6 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-6 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-6 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-6 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-6 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-6 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of ~~REMIC I and~~ any REMIC II hereunder as ~~REMICs~~ a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-6 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-6 Certificates are exchangeable for new Class ~~MV-1~~ AF-6 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-D)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-6 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-6 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February 25~~January 27, ~~2002~~ 2003 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-6 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY 25~~JANUARY 27, ~~2002~~ 2003 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust 2002-AD, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-6 (the "“Class ~~MV-1~~ AF-6 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ December 1, 2002 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust 2002-A D Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates~~"), Class AF-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"~~”), Class AV (the "“Class AV Certificates"”), Class ~~MV-2~~ M-1 (the "“Class ~~MV-2~~ M-1 Certificates"”), Class BV M-2 (the Class BV M-2 Certificates"”), Class B (the Class B Certificates”), Class A-IO (the “Class A-IO Certificates”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class~~ AV Certificates, the Class ~~MV-1~~ M-1 Certificates, the Class ~~MV-2~~ M-2 Certificates, Class B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February 25~~January 27, ~~2002~~2003, the Owners of the Class ~~MV-1~~ AF-6 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-6 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-6 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-6 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-6 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-6 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of ~~REMIC I and~~ any REMIC II hereunder as ~~REMICs~~ a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-6 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-6 Certificates are exchangeable for new Class ~~MV-1~~ AF-6 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2002 D)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-5 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-AB, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-5 (the "Class ~~MV-1~~ A-5 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx~~ Harwood Street Funding II, LLC, as Conduit Seller II and Bank One, ~~National~~ Xxxxxxal Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-6 (the "Class ~~AF-5~~ A-6 Certificates"), Class ~~AF-6~~ A-7 (the "Class ~~AF-6~~ A-7 Certificates"), Class ~~MF-1~~ M-1 (the "Class ~~MF-1~~ M-1 Certificates"), Class ~~MF-2~~ M-2 (the "Class ~~MF-2~~ M-2 Certificates"), Class BF B (the Class ~~BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV~~ B Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6~~ A-6 Certificates, the Class ~~MF-1~~ A-7 Certificates, the Class ~~MF-2~~ M-1 Certificates, the Class ~~BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ M-2 Certificates and the Class BV B Certificates shall be together referred to as the "Offered Certificates" and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ July 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-5 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-5 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-5 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-5 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, ~~Xxxxxxx~~ Harwood Street Funding II, LLC or Centex Credit Corporation d/b/x Xxxxex Home Equity ~~Company, LLC~~ Corporation or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ A-5 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ A-5 Certificates are exchangeable for new Class ~~MV-1~~ A-5 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ 2-AV-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ July 25, ~~2002~~ 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-2 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ JULY 25, ~~2002~~ 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-AC, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ 2-AV-2 (the "“Class ~~MV-1~~ 2-AV-2 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ June 1, ~~2002~~ 2007 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC~~ Auburn Funding, LLC, as a seller, Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and The Bank ~~One, National Association~~of New York, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2007-A C Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ 1-AV-1 (the "“Class ~~AF-1~~ 1-AV-1 Certificates"”), Class ~~AF-2~~ 2-AV-1 (the "“Class ~~AF-2~~ 2-AV-2 Certificates"”), Class ~~AF-3~~ 2-AV-3 (the "“Class ~~AF-3~~ 2-AV-3 Certificates"”), Class ~~AF-4~~ 2-AV-4 (the "“Class ~~AF-4~~ 2-AV-4 Certificates"”), Class ~~AF-5~~ M-1 (the "“Class ~~AF-5~~ M-1 Certificates"”), Class ~~AF-6~~ M-2 (the "“Class ~~AF-6~~ M-2 Certificates"”), Class ~~MF-1~~ M-3 (the "“Class ~~MF-1~~ M-3 Certificates"”), Class ~~MF-2~~ M-4 (the "“Class ~~MF-2~~ M-4 Certificates"”), Class BF M-5 (the “Class BF M-5 Certificates"”), Class AV M-6 (the "“Class AV M-6 Certificates"”), Class ~~MV-2~~ M-7 (the "“Class ~~MV-2~~ M-7 Certificates"”), Class BV M-8 (the “Class BV M-8 Certificates"”), Class M-9 (the “Class M-9 Certificates”), Class M-10 (the “Class M-10 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ 1-AV-1 Certificates, the Class ~~AF-2~~ 2-AV-1 Certificates, the Class ~~AF-3~~ 2-AV-2 Certificates, the Class ~~AF-4~~ 2-AV-3 Certificates, the Class ~~AF-5~~ 2-AV-4 Certificates, the Class ~~AF-6~~ M-1 Certificates, the Class ~~MF-1~~ M-2 Certificates, the Class ~~MF-2~~ M-3 Certificates, the Class BF M-4 Certificates, the Class AV M-5 Certificates, the Class ~~MV-1~~ M-6 Certificates, the Class ~~MV-2~~ M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates and the Class BV M-10 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ July 25, ~~2002~~2007, the Owners of the Class ~~MV-1~~ 2-AV-2 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ 2-AV-2 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ 2-AV-2 Certificates. The Percentage Interest of each Class ~~MV-1~~ 2-AV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ 2-AV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ 2-AV-2 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding,~~ Nationstar Funding LLC, ~~Xxxxxxx Street Funding II~~Auburn Funding, LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Conduit Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ 2-AV-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ 2-AV-2 Certificates are exchangeable for new Class ~~MV-1~~ 2-AV-2 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-C)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A A, Schedule I-B and Schedule I-B C to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit ~~Sellers~~ Seller are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) the Trust’s right to receive the Trust Portion of any payment received by the Trustee on the Cap Agreements and such amounts as maybe held by the Trustee in the Cap Agreement Reserve Fund, but only the Trust Portion thereof, together with investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Supplemental Interest Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AF-6 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AF-6 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, ~~2002~~ 2003 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AF-6 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, ~~2002~~ 2003 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A, Centex Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AF-6 (the "“Class ~~MV-1~~ AF-6 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2003 (the "“Pooling and Servicing Agreement"”) by and among Centex Home Equity Company, LLC, in its capacity as a seller (the "“Seller"”) and as the servicer (the "“Servicer"”), CHEC Funding, LLC, in its capacity as depositor (the "“Depositor"”)~~, CHEC Conduit Funding, LLC, as Conduit Seller~~, Xxxxxxx Street Funding II, LLC, as conduit seller (the “Conduit ~~Seller II~~ Seller”) and ~~Bank One, National Association~~JPMorgan Chase Bank, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2003-A Home Equity Loan Asset-Backed Certificates, Class AF-1 (the "“Class AF-1 Certificates"”), Class AF-2 (the "“Class AF-2 Certificates"”), Class AF-3 (the "“Class AF-3 Certificates"”), Class AF-4 (the "“Class AF-4 Certificates"”), Class AF-5 (the "“Class AF-5 Certificates"”), Class ~~AF-6~~ AV-1 (the "“Class ~~AF-6~~ AV-1 Certificates"”), Class ~~MF-1~~ AV-2 (the "“Class ~~MF-1~~ AV-2 Certificates"”), Class ~~MF-2~~ M-1 (the "“Class ~~MF-2~~ M-1 Certificates"”), Class BF M-2 (the “Class BF M-2 Certificates"”), Class AV M-3 (the "“Class AV M-3 Certificates"”), Class ~~MV-2~~ B (the "“Class ~~MV-2~~ B Certificates"”), Class BV A-IO (the “Class BV A-IO Certificates"”), Class X-IO (the "“Class X-IO Certificates"”), and Class R-1 and Class R-2 (together, the "“Class R Certificates"”). The Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates, the Class AF-6 Certificates, the Class ~~MF-1~~ AV-1 Certificates, the Class ~~MF-2~~ AV-2 Certificates, the Class BF M-1 Certificates, the Class AV M-2 Certificates, the Class ~~MV-1~~ M-3 Certificates, the Class ~~MV-2 Certificates,~~ B Certificates and the Class BV A-IO Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ April 25, ~~2002~~2003, the Owners of the Class ~~MV-1~~ AF-6 Certificates as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AF-6 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AF-6 Certificates. The Percentage Interest of each Class ~~MV-1~~ AF-6 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AF-6 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AF-6 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of ~~REMIC I and~~ any REMIC II hereunder as ~~REMICs~~ a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AF-6 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AF-6 Certificates are exchangeable for new Class ~~MV-1~~ AF-6 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Funding LLC Centex Home Eq Ln Ast Bk Cert Ser 2003-A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a fractional interest in (a) the Home Equity Loans in Group II listed in ~~Schedule I-A and~~ Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller and the Conduit Sellers are causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts allocable to Group II as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); and (c) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates as specified in the Pooling and Servicing Agreement ((a) - (c) above shall be collectively referred to herein as the "Trust Estate"). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ A-7 Certificates. Therefore, the actual ~~outstanding~~ Outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ April 25, ~~2002~~ 2001 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ APRIL 25, ~~2002~~ 2001 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A, Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ A-7 (the "Class ~~MV-1~~ A-7 Certificates") and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ March 1, ~~2002~~ 2001 (the "Pooling and Servicing Agreement") by and among Centex Credit Corporation d/b/a Centex Home Equity ~~Company, LLC~~Corporation, in its capacity as ~~a seller~~ the Seller (the "Seller") and as the ~~servicer~~ Servicer (the "Servicer"), CHEC Funding, LLC, in its capacity as ~~depositor~~ Depositor (the "Depositor"), CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II and Bank One, National Association, in its capacity as the ~~trustee~~ Trustee (the "Trustee"), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as Centex Home Equity Loan Trust ~~2002~~2001-A Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ A-1 (the "Class ~~AF-1~~ A-1 Certificates"), Class ~~AF-2~~ A-2 (the "Class ~~AF-2~~ A-2 Certificates"), Class ~~AF-3~~ A-3 (the "Class ~~AF-3~~ A-3 Certificates"), Class ~~AF-4~~ A-4 (the "Class ~~AF-4~~ A-4 Certificates"), Class ~~AF-5~~ A-5 (the "Class ~~AF-5~~ A-5 Certificates"), Class ~~AF-6~~ A-6 (the "Class AF-6 Certificates"), Class MF-1 (the "Class MF-1 Certificates"), Class MF-2 (the "Class MF-2 Certificates"), Class BF (the Class BF Certificates"), Class AV (the "Class AV Certificates"), Class MV-2 (the "Class MV-2 Certificates"), Class BV (the Class BV A-6 Certificates"), Class X-IO (the "Class X-IO Certificates"), and Class R-1 and Class R-2 (together, the "Class R Certificates"). The Class ~~AF-1~~ A-1 Certificates, the Class ~~AF-2~~ A-2 Certificates, the Class ~~AF-3~~ A-3 Certificates, the Class ~~AF-4~~ A-4 Certificates, the Class ~~AF-5~~ A-5 Certificates, the Class ~~AF-6 Certificates, the Class MF-1 Certificates, the Class MF-2 Certificates, the Class BF Certificates, the Class AV Certificates, the Class MV-1 Certificates, the Class MV-2 Certificates,~~ A-6 Certificates and the Class BV A-7 Certificates shall be together referred to as the "~~Offered~~ Class A Certificates" and the ~~Offered~~ Class A Certificates, the Class X-IO Certificates and the Class R Certificates are together referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Distribution Date") commencing ~~February~~ April 25, ~~2002~~2001, the Owners of the Class ~~MV-1~~ A-7 Certificates as of the close of business on the last Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "Record Date") will be entitled to receive the Class ~~Principal~~ A Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ A-7 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ A-7 Certificates. The Percentage Interest of each Class ~~MV-1~~ A-7 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ A-7 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ A-7 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, CHEC Funding, LLC, Xxxxxxx Street Funding II, LLC or Centex Home Equity Company, LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the Owner of the Class X-IO Certificates may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of REMIC I and REMIC II as REMICs under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the Offered Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class MV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class MV-1 Certificates are exchangeable for new Class MV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Asset Backed Certs Series 2001 A)

Registered Owner. The registered Owner named above is the registered beneficial Owner of a such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller ~~and the Conduit Sellers are~~ is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor's ’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Trustee in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Trustee in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Trustee in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (ce) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the ~~Certificates~~ Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (ce) above shall be collectively referred to herein as the "“Trust Estate"”). The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class ~~MV-1~~ AV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class ~~MV-1~~ AV-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to ~~February~~ October 25, ~~2002~~ 2006 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class ~~MV-1~~ AV-1 Certificates set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS. THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO ~~FEBRUARY~~ OCTOBER 25, ~~2002~~ 2006 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE. NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. This Certificate is one of a Class of duly-authorized Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-AB, Nationstar Home Equity Loan Asset-Backed Certificates, Class ~~MV-1~~ AV-1 (the "“Class ~~MV-1~~ AV-1 Certificates"”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of ~~January~~ September 1, ~~2002~~ 2006 (the "“Pooling and Servicing Agreement"”) by and among ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC, in its capacity as a the seller (the "“Seller"”) and as the servicer (the "“Servicer"”), ~~CHEC Funding,~~ Nationstar Funding LLC, in its capacity as depositor (the "“Depositor"”), ~~CHEC Conduit Funding, LLC, as Conduit Seller, Xxxxxxx Street Funding II, LLC, as Conduit Seller II~~ and ~~Bank One~~JPMorgan Chase Bank, National Association, in its capacity as the trustee (the "“Trustee"”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as ~~Centex~~ Nationstar Home Equity Loan Trust ~~2002~~2006-A B Home Equity Loan Asset-Backed Certificates, Class ~~AF-1~~ AV-2 (the "“Class ~~AF-1~~ AV-2 Certificates"”), Class ~~AF-2~~ AV-3 (the "“Class ~~AF-2~~ AV-3 Certificates"”), Class ~~AF-3~~ AV-4 (the "“Class ~~AF-3~~ AV-4 Certificates"”), Class ~~AF-4~~ M-1 (the "“Class ~~AF-4~~ M-1 Certificates"”), Class ~~AF-5~~ M-2 (the "“Class ~~AF-5~~ M-2 Certificates"”), Class ~~AF-6~~ M-3 (the "“Class ~~AF-6~~ M-3 Certificates"”), Class ~~MF-1~~ M-4 (the "“Class ~~MF-1~~ M-4 Certificates"”), Class ~~MF-2~~ M-5 (the "“Class ~~MF-2~~ M-5 Certificates"”), Class BF M-6 (the “Class BF M-6 Certificates"”), Class AV M-7 (the "“Class AV M-7 Certificates"”), Class ~~MV-2~~ M-8 (the "“Class ~~MV-2~~ M-8 Certificates"”), Class BV M-9 (the “Class BV M-9 Certificates"”), Class M-10 (the “Class M-10 Certificates”), Class M-11 (the “Class M-11 Certificates”), Class X-IO (the "“Class X-IO Certificates"”), Class P (the “Class P Certificates”) and Class ~~R-1 and Class R-2~~ R (~~together,~~ the "“Class R Certificates"”). The Class ~~AF-1~~ AV-1 Certificates, the Class ~~AF-2~~ AV-2 Certificates, the Class ~~AF-3~~ AV-3 Certificates, the Class ~~AF-4~~ AV-4 Certificates, the Class ~~AF-5~~ M-1 Certificates, the Class ~~AF-6~~ M-2 Certificates, the Class ~~MF-1~~ M-3 Certificates, the Class ~~MF-2~~ M-4 Certificates, the Class BF M-5 Certificates, the Class AV M-6 Certificates, the Class ~~MV-1~~ M-7 Certificates, the Class ~~MV-2~~ M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class BV M-11 Certificates shall be together referred to as the "“Offered Certificates" ” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the "“Certificates." ” Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "“Distribution Date"”) commencing ~~February~~ October 25, ~~2002~~2006, the Owners of the Class ~~MV-1~~ AV-1 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the "“Record Date"”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date. Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of record of a Class ~~MV-1~~ AV-1 Certificate will be entitled to receive such Owner's ’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class ~~MV-1~~ AV-1 Certificates. The Percentage Interest of each Class ~~MV-1~~ AV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class ~~MV-1~~ AV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class ~~MV-1~~ AV-1 Certificates on the Startup Day. The Trustee or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Home Equity Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, ~~CHEC Funding, LLC, Xxxxxxx Street~~ Nationstar Funding ~~II,~~ LLC or ~~Centex Home Equity Company,~~ Nationstar Mortgage LLC or any of their Affiliates. This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that the ~~Owner of the Class X-IO Certificates~~ Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date. If the Owner of the Class X-IO Certificates does not exercise this optional purchase on the Clean-Up Call Date, then (i) on the next Distribution Date, the Trustee will begin an auction process to sell the Home Equity Loans and (ii) on the third Distribution Date following such date and on each Distribution Date thereafter, the amounts that otherwise would have been payable to the Class X-IO Certificates will be paid to the Offered Certificates as an additional principal distribution amount. In addition, under certain circumstances relating to the qualification of any REMIC ~~I and~~ hereunder as a REMIC ~~II as REMICs~~ under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of the majority of the Percentage Interests represented by the ~~Offered~~ Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments. Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate. The Trustee is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class ~~MV-1~~ AV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class ~~MV-1~~ AV-1 Certificates are exchangeable for new Class ~~MV-1~~ AV-1 Certificates of authorized denominations evidencing the same aggregate principal amount. No service charge will be made for any such registration of transfer or exchange, but the Registrar or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2006-B)

Common use of Registered Owner Clause in Contracts