Available Remittance Amount definition
Available Remittance Amount. With respect to any Remittance Date, (i) the sum of all amounts relating to the Loans of the Trust described in clauses (i) through (viii), inclusive, of Section 4.03(b) received by the Servicer or any Subservicer (including any amounts paid by the Servicer and the Representative and excluding any amounts withdrawn by the Servicer with respect to the Loans pursuant to Sections 4.04(b), (c), (e) and (f) as of the related Determination Date and any amounts deposited into the Servicing Account with respect to the Loans pursuant to Section 4.04(g) as of the related Determination Date) during the related Due Period or, with respect to Section 4.03(b)(vi), on the related Determination Date, and deposited into the Note Distribution Account as of the Determination Date, plus (ii) the amount of any Monthly Advances and Compensating Interest payments relating to the Loans, remitted by the Servicer for such Remittance Date, plus (iii) amounts to be transferred to the Note Distribution Account from the Pre-Funding Account and the Capitalized Interest Account with respect to the Remittance Dates during the Funding Period, less (iv) those amounts withdrawable from the Note Distribution Account pursuant to Section 7.01(b)(vi). The "Available Remittance Amount" does not include (i) funds in the Principal and Interest Account and available to be withdrawn pursuant to Section 4.04(d)(ii), (ii) funds in the Note Distribution Account or Certificate Distribution Account and available to be withdrawn pursuant to Section 7.01(b)(v) and (iii) funds in the Note Distribution Account or Certificate Distribution Account that cannot be distributed by the Trustee or the Owner Trustee on such Remittance Date as a result of a proceeding initiated under the United States Bankruptcy Code, as amended from time to time (11 U.S.C.).
Available Remittance Amount means, with respect to any Remittance Date, an amount equal to: the aggregate amount of all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Scheduled Interest Payments, the Balloon Payment, Liquidation Proceeds (other than any Repurchase Price paid by a Loan Seller), proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan, Condemnation Proceeds, or Insurance Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents), but excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection expenses or Property Protection Advances and Administrative Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing Agreement which shall be applied to the extent set forth in, and in accordance with the terms of, the Mortgage Loan Documents; (y) all amounts required to be returned to the Mortgage Loan Borrower pursuant to the terms of the Mortgage Loan Documents or applicable law, and (z) all amounts that are then due, payable or reimbursable to any Servicer with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other additional compensation payable to it thereunder (including, without limitation, any Trust Fund Expenses relating to the Mortgage Loan (but subject to Section 4(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees, Default Interest and late payment charges (to the extent provided in Section 4(c) hereof), but excluding from this clause (y) any P&I Advances (and interest thereon) on the Lead Securitization Notes, which shall be reimbursed in accordance with Section 2 hereof), which shall be payable in accordance with the Lead Securitization Servicing Agreement.
Available Remittance Amount does not include (i) funds in the Principal and Interest Account and available to be withdrawn pursuant to Section 4.04(d)(ii), (ii) funds in the Note Distribution Account or Certificate Distribution Account and available to be withdrawn pursuant to Section 7.01(b)(v) and (iii) funds in the Note Distribution Account or Certificate Distribution Account that cannot be distributed by the Trustee or the Owner Trustee on such Remittance Date as a result of a proceeding initiated under the United States Bankruptcy Code, as amended from time to time (11 U.S.C.).
Examples of Available Remittance Amount in a sentence
For purposes of calculating the Available Remittance Amount with respect to a Sub-Pool for the final Remittance Date, amounts transferred to the related Certificate Account pursuant to the immediately preceding sentence on the Determination Date immediately preceding such final Remittance Date shall in all cases be deemed to have been received during the related Due Period, and such transfer shall be made pursuant to Section 5.04(i).
On or before each Remittance Date, the Available Remittance Amount (net of any Compensating Interest or Monthly Advances) with respect to the preceding Due Period will be transferred from the Principal and Interest Account to the respective Note Distribution Accounts as provided in Sections 4.04(a) and 7.01 of the Sale and Servicing Agreement.
On each Remittance Date the Company shall remit by wire transfer of immediately available funds to the account designated in writing by the Purchaser the Available Remittance Amount.
Any interest earnings on funds held in the related Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the related Principal and Interest Account by the Servicer immediately following its monthly remittance of the Available Remittance Amount to the Trustee.
On or before each Remittance Date, the Available Remittance Amount (net of any Compensating Interest or Monthly Advances) with respect to the preceding Due Period will be transferred from the Principal and Interest Account to the Note Distribution Account as provided in Sections 4.04(a) and 7.01 of the Sale and Servicing Agreement.
For purposes of calculating the Available Remittance Amount with respect to a Group for the final Payment Date, amounts transferred to the related Note Distribution Account pursuant to the immediately preceding sentence on the Determination Date immediately preceding such final Payment Date shall in all cases be deemed to have been received during the related Due Period, and such transfer shall be made pursuant to Section 5.04(i).
Section 5.01 (Distributions) is hereby amended by deleting the first paragraph thereof and replacing it with the following paragraph: On each Remittance Date, the Servicer shall remit on a scheduled/scheduled basis by wire transfer of immediately available funds to the Master Servicer the Available Remittance Amount.
For purposes of calculating the Available Remittance Amount for the final Remittance Date, amounts transferred to the Certificate Account pursuant to the immediately preceding sentence on the Determination Date immediately preceding such final Remittance Date shall in all cases be deemed to have been received during the related Due Period, and such transfer shall be made pursuant to SECTION 5.04(i).
More Definitions of Available Remittance Amount
Available Remittance Amount. With respect to each Sub-Pool and Remittance Date, the sum of the following: (i) the sum of all amounts described in clauses (i) through (vii), inclusive, of Section 5.03 received by the Servicer or any Subservicer (including any amounts paid by the Servicer or the Depositor and excluding any Excess Spread with respect to the related Sub-Pool, any related Amounts Held for Future Distribution, any amounts not required to be deposited in the related Principal and Interest Account pursuant to Section 5.03 and any amounts withdrawn by the Servicer pursuant to Section 5.04(ii), (iii), (vi) and (vii) as of the related Determination Date) during the related Due Period and deposited into the related Certificate Account as of the related Determination Date, (ii) the amount of any Advances and Compensating Interest payments with respect to the related Sub-Pool remitted by the Servicer for such Remittance Date, (iii) with respect to the final Remittance Date in connection with the purchase of all the Mortgage Loans and REO Properties by the Servicer or Certificate Insurer, the Termination Price remitted by the Servicer and (iv) the amount of any Interest Coverage Addition with respect to the related Sub-Pool for such Remittance Date. No amount included in the computation of the Available Remittance Amount with respect to any Remittance Date by virtue of being described by any component of the definition thereof shall be included more than once by virtue of also being described by any other component or otherwise.
Available Remittance Amount. With respect to each Remittance Date, (a) all amounts deposited in the Custodial Account as of the close of business on the preceding Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.05 except 4.05(i)), plus (b) all amounts, if any, which the Company is obligated to deposit pursuant to Section 5.03, Section 5.04 or Section 4.12 and minus (c) any amounts attributable to Monthly Payments collected but due on a Due Date or Dates subsequent to the Due Period ending on the first day of the month of the Remittance Date, which amounts shall be remitted on the Remittance Date next succeeding the Due Period for such amounts.
Available Remittance Amount does not include (i) funds in the Principal and Interest Account and available to be withdrawn pursuant to Section 5.04(d)(ii), (ii) funds in the Certificate Account and available to be withdrawn pursuant to Section 6.01(b)(v) and (iii) funds in the Certificate Account that cannot be distributed by the Trustee on such Remittance Date as a result of a proceeding initiated under the United States Bankruptcy Code, as amended from time to time (11 U.S.C.).
Available Remittance Amount means, with respect to any Remittance Date, an amount equal to: the aggregate amount of all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Scheduled Interest Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan, Condemnation Proceeds, or Insurance Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents), but excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection expenses or Property Protection Advances and Administrative Advances, in each case, with interest thereon, then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing Agreement which shall be applied to the extent set forth in, and in accordance with the terms of, the Mortgage Loan Documents; (y) all amounts required to be returned to the Mortgage Loan Borrower pursuant to the terms of the Mortgage Loan Documents or applicable law, and (z) all amounts that are then due, payable or reimbursable to any Servicer with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other additional compensation payable to it thereunder (including, without limitation, any Trust Fund Expenses relating to the Mortgage Loan (but subject to Section 4(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees, Default Interest and late payment charges (to the extent provided in Section 4(c) hereof), but excluding from this clause (z) any P&I Advances (and interest thereon) on the Lead Securitization Notes, which shall be reimbursed in accordance with Section 2 hereof), which shall be payable in accordance with the Lead Securitization Servicing Agreement.
Available Remittance Amount. With respect to any Distribution Date, means the sum of (i) all interest due and collected or advanced during the related Collection Period on the Mortgage Loans (not including assumption fees, late payment charges, and other amounts payable to the Master Servicer as set forth in Section 3.18 herein (other than prepayment penalties) and less the Servicing Fee, certain amounts available for reimbursement of Advances and Servicing Advances and certain other reimbursable expenses payable pursuant to Section 3.11 of this Agreement), (ii) all Compensating Interest paid by the Master Servicer on such Determination Date, (iii) prepayment premiums and penalties, (iv) each payment of principal on a Mortgage Loan received by the Master Servicer during such Collection Period, including all full and partial principal prepayments and any Advances with respect thereto, (v) the Net Liquidation Proceeds allocable to principal and Insurance Proceeds actually collected by the Master Servicer during the related Collection Period, (vi) the Purchase Price of all Mortgage Loans repurchased pursuant to Section 2.03(a) with respect to such Collection Period and (vii) any Substitution Shortfall Amount received on or prior to the previous Determination Date and not yet distributed.
Available Remittance Amount. With respect to any Remittance Date, the sum of (A) all amounts described in clauses (i) through (ix) of SECTION 5.03 received by the Servicer or any Subservicer (including any amounts paid by the Transferor, the Servicer or the Depositor and excluding any amounts not required to be deposited in the Collection Account pursuant to