Common use of Adjustment of Servicing Compensation in Respect of Prepaid Mortgage Loans Clause in Contracts

Adjustment of Servicing Compensation in Respect of Prepaid Mortgage Loans. The aggregate amount of the Servicing Fees that the Master Servicer shall be entitled to receive with respect to all of the Mortgage Loans and each Remittance Date shall be offset on such Remittance Date by an amount equal to the aggregate Prepayment Interest Shortfall with respect to all Mortgage Loans which were subjects of Principal Prepayments during the Due Period applicable to such Remittance Date. The amount of any offset against the aggregate Servicing Fee with respect to any Remittance Date under this Section 5.19 shall be limited to the aggregate amount of the Servicing Fees otherwise payable to the Master Servicer (without adjustment on account of Prepayment Interest Shortfalls) with respect to (i) scheduled payments having the Due Date occurring in the Due Period applicable to such Remittance Date received by the Master Servicer prior to the Determination Date, and (ii) Principal Prepayments, Curtailments and Liquidation Proceeds received in the Due Period applicable to such Remittance Date, and the rights of the Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls shall not be cumulative.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Bcap LLC), Exhibit 99 (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Painewebber Mortgage Acceptance Corporation Iv)

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Adjustment of Servicing Compensation in Respect of Prepaid Mortgage Loans. The aggregate amount of the Servicing Fees that the Master Servicer shall be entitled to receive with respect to all of the Mortgage Loans and each Remittance Date shall be offset on such Remittance Date by an amount equal to the aggregate Prepayment Interest Shortfall with respect to all Mortgage Loans which were subjects of Principal Prepayments during the Due Period applicable to such Remittance Date. The amount of any offset against the aggregate Servicing Fee with respect to any Remittance Date under this Section 5.19 shall be limited to the aggregate amount of the Servicing Fees otherwise payable to the Master Servicer (without adjustment on account of Prepayment Interest Shortfalls) with respect to (i) scheduled payments having the Due Date occurring in the Due Period applicable to such Remittance Date received by the Master Servicer prior to the Determination Servicer Remittance Date, and (ii) Principal Prepayments, Curtailments and Liquidation Proceeds received in the Due Period applicable to such Remittance Date, and the rights of the Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls shall not be cumulative.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Residential Asset Funding Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Adjustment of Servicing Compensation in Respect of Prepaid Mortgage Loans. The aggregate amount of the Servicing Fees that the Master Servicer shall be entitled to receive with respect to all of the Mortgage Loans and each Remittance Distribution Date shall be offset on such Remittance Distribution Date by an amount equal to the aggregate Prepayment Interest Shortfall with respect to all Mortgage Loans which were subjects of Principal Prepayments during the Due Period applicable to month preceding the month of such Remittance Distribution Date. The amount of any offset against the aggregate Servicing Fee with respect to any Remittance Distribution Date under this Section 5.19 5.17 shall be limited to the aggregate amount of the Servicing Fees otherwise payable to the Master Servicer (without adjustment on account of Prepayment Interest Shortfalls) with respect to (i) scheduled payments having the Due Date occurring in the Due Period applicable to month of such Remittance Distribution Date received by the Master Servicer prior to the Determination Servicer Distribution Date, and (ii) Principal Prepayments, Curtailments and Liquidation Proceeds received in the Due Period applicable to month preceding the month in which such Remittance DateDistribution Date occurs, and the rights of the Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls shall not be cumulative.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Business Financial Services Inc /De/), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Adjustment of Servicing Compensation in Respect of Prepaid Mortgage Loans. The aggregate amount of the Servicing Fees that the Master Servicer shall be entitled to receive with respect to all of the Mortgage Loans and each Remittance Date shall be offset on such Remittance Date by an amount equal to the aggregate Prepayment Interest Shortfall with respect to all Mortgage Loans which were subjects of Principal Prepayments during the Due Period applicable to such Remittance Date. The amount of any offset against the aggregate Servicing Fee with respect to any Remittance Date under this Section 5.19 5.20 shall be limited to the aggregate amount of the Servicing Fees otherwise payable to the Master Servicer (without adjustment on account of Prepayment Interest Shortfalls) with respect to (i) scheduled payments having the Due Date occurring in the Due Period applicable to such Remittance Date received by the Master Servicer prior to the Determination Servicer Remittance Date, and (ii) Principal Prepayments, Curtailments and Liquidation Proceeds received in the Due Period applicable to such Remittance Date, and the rights of the Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls shall not be cumulative.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

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Adjustment of Servicing Compensation in Respect of Prepaid Mortgage Loans. The aggregate amount of the Servicing Fees that the Master Servicer shall be entitled to receive with respect to all of the related Mortgage Loans and each Remittance Distribution Date shall be offset reduced on such Remittance Distribution Date by an amount equal to the aggregate Prepayment Interest Shortfall with respect to all related Mortgage Loans which were subjects of Principal Prepayments during the Due Period applicable to month preceding the month of such Remittance Distribution Date. The amount of any offset against such reduction of the aggregate Servicing Fee with respect to any Remittance Distribution Date under this Section 5.19 5.13 shall be limited to the aggregate amount of the Servicing Fees otherwise payable to the Master Servicer (without adjustment on account of Prepayment Interest Shortfalls) with respect to (i) scheduled payments having the Due Date occurring in the Due Period applicable to preceding such Remittance Distribution Date received by the Master Servicer prior to the Determination Date, and (ii) Principal Prepayments, Curtailments Prepayments and Liquidation Proceeds received in the Due Period applicable related to such Remittance Distribution Date, and the rights of the Certificateholders to reduce the offset of the aggregate Prepayment Interest Shortfalls Servicing Fee shall not be cumulative.

Appears in 1 contract

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

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