Common use of Advances by a Servicer Clause in Contracts

Advances by a Servicer. Each Servicer, upon receipt of notice from the Trustee, shall deposit in the Collection Account an amount equal to all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Mortgage Loans during the applicable Collection Period and which were delinquent at the close of business on the immediately preceding Determination Date; provided, however, that with respect to any Balloon Loan that is delinquent on its maturity date, the related Servicer, other than WMMSC, will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 5.01 with respect to such Balloon Loan in an amount equal to the assumed monthly payments that would have been due on such Balloon Loan based upon the original amortization schedule for the Balloon Loan less the applicable Servicing Fee Rate, to the extent the related Servicer deems such amount to be recoverable. With respect to any Balloon Loan that is serviced by WMMSC that is delinquent on its maturity date, WMMSC will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 5.01 with respect to such Balloon Loan in an amount equal to one month's interest on the outstanding principal balance at the applicable Mortgage Rate less the applicable Servicing Fee Rate, to the extent WMMSC deems such amount to be recoverable. Subject to this Section 5.01, each Servicer's obligation to make such Advances as to any related Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Mortgage Loan, or through the date that the related Mortgaged Property has, in the judgment of such Servicer, been completely liquidated. Each Servicer shall be obligated to make Advances in accordance with the provisions of this Agreement; provided, however, that such obligation with respect to any related Mortgage Loan shall cease if a Servicer determines, in its reasonable opinion, that Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the event that such Servicer determines that any such advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. If an Advance is required to be made hereunder, the related Servicer shall no later than the Servicer Remittance Date immediately preceding the Distribution Date immediately following the related Determination Date either (i) deposit in the Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 5.01, used by such Servicer to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any such funds being held in a Collection Account for future distribution and so used shall be replaced by such Servicer from its own funds by deposit in such Collection Account on or before any future Distribution Date in which such funds would be due.

Advances by a Servicer. Each Servicer, upon receipt of notice from the Trustee, Servicer shall deposit in the Collection Account an amount equal to all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Mortgage Loans during the applicable Collection Period and which were delinquent at the close of business on the immediately preceding Determination Date; provided, however, that with respect to any Balloon Loan that is delinquent on its maturity date, the related Servicer, other than WMMSC, Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 5.01 with respect to such Balloon Loan in an amount equal to the an assumed monthly payments scheduled payment that would have been otherwise be due based on such Balloon Loan based upon the original amortization schedule for the Balloon that Mortgage Loan less the applicable Servicing Fee Rate, to the extent the related Servicer deems such amount to be recoverable. With respect to any Balloon Loan that is serviced by WMMSC that is delinquent on its maturity date, WMMSC will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 5.01 with respect to such Balloon Loan in an amount equal to plus one month's interest on the outstanding principal balance at the applicable Mortgage Rate less the applicable Servicing Fee Rate, to the extent WMMSC deems such amount to be recoverable. Subject to this Section 5.01, each Each Servicer's obligation to make such Advances as to any related Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Mortgage Loan, or through the date that the related Mortgaged Property has, in the judgment of such Servicer, been completely liquidated. Each Servicer shall be obligated to make Advances in accordance with the provisions of this Agreement; provided, however, that such obligation with respect to any related Mortgage Loan shall cease if a Servicer determines, in its reasonable opinion, that Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the event that such Servicer determines that any such advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. If an Advance is required to be made hereunder, the related Servicer shall no later than the Servicer Remittance Date immediately preceding the Distribution Date immediately following the related Determination Date either (i) deposit in the Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 5.01, used by such Servicer to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any such funds being held in a Collection Account for future distribution and so used shall be replaced by such Servicer from its own funds by deposit in such Collection Account on or before any future Distribution Date in which such funds would be due.

Advances by a Servicer. Each Servicer, upon receipt of notice from the Trustee, Servicer shall deposit in the Collection Account an amount equal to all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Mortgage Loans during the applicable Collection Period and which were delinquent at the close of business on the immediately preceding Determination Date; provided, however, that with respect to any Balloon Loan that is delinquent on its maturity date, the related Servicer, other than WMMSC, Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 5.01 with respect to such Balloon Loan in an amount equal to the an assumed monthly payments scheduled payment that would have been otherwise be due based on such Balloon Loan based upon the original amortization schedule for the Balloon that Mortgage Loan less the applicable Servicing Fee Rate, to the extent the related Servicer deems such amount to be recoverable. With respect to any Balloon Loan that is serviced by WMMSC that is delinquent on its maturity date, WMMSC will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 5.01 with respect to such Balloon Loan in an amount equal to plus one month's interest on the outstanding principal balance at the applicable Mortgage Rate less the applicable Servicing Fee Rate, to the extent WMMSC deems such amount to be recoverable. Subject to this Section 5.01, each Each Servicer's obligation to make such Advances as to any related Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Mortgage Loan, or through the date that the related Mortgaged Property has, in the judgment of such Servicer, been completely liquidated. Each Servicer shall be obligated to make Advances in accordance with the provisions of this Agreement; provided, however, that such obligation with respect to any related Mortgage Loan shall cease if a Servicer determines, in its reasonable opinion, that Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the event that such Servicer determines that any such advances are Nonrecoverable Advances, such Servicer shall provide the Trustee and MBIA with a certificate signed by a Servicing Officer evidencing such determination. If an Advance is required to be made hereunder, the related Servicer shall no later than on the Servicer Remittance Date Business Day immediately preceding the Distribution Date immediately following the related Determination Date either (i) deposit in the Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 5.01, used by such Servicer to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any such funds being held in a Collection Account for future distribution and so used shall be replaced by such Servicer from its own funds by deposit in such Collection Account on or before any future Distribution Date in which such funds would be due.

Advances by a Servicer. Each Servicer, upon receipt of notice from the Trustee, Servicer shall deposit in the Collection Account an amount equal to all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Mortgage Loans during the applicable Collection Period and which were delinquent at the close of business on the immediately preceding Determination Date; provided, however, that with respect to any Balloon Loan that is delinquent on its maturity date, the related Servicer, other than WMMSC, Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 5.01 with respect to such Balloon Loan in an amount equal to the an assumed monthly payments scheduled payment that would have been otherwise be due based on such Balloon Loan based upon the original amortization schedule for the Balloon that Mortgage Loan less the applicable Servicing Fee Rate, to the extent the related Servicer deems such amount to be recoverable. With respect to any Balloon Loan that is serviced by WMMSC that is delinquent on its maturity date, WMMSC will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 5.01 with respect to such Balloon Loan in an amount equal to plus one month's interest on the outstanding principal balance at the applicable Mortgage Rate less the applicable Servicing Fee Rate, to the extent WMMSC deems such amount to be recoverable. Subject to this Section 5.01, each Each Servicer's obligation to make such Advances as to any related Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Mortgage Loan, or through the date that the related Mortgaged Property has, in the judgment of such Servicer, been completely liquidated. Each Servicer shall be obligated to make Advances in accordance with the provisions of this Agreement; provided, however, that such obligation with respect to any related Mortgage Loan shall cease if a Servicer determines, in its reasonable opinion, that Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the event that such Servicer determines that any such advances are Nonrecoverable Advances, such Servicer shall provide the Trust Administrator and the Trustee with a certificate signed by a Servicing Officer evidencing such determination. If an Advance is required to be made hereunder, the related Servicer shall no later than on the Servicer Remittance Date Business Day immediately preceding the 7th day, with respect to CMMC, or the 3rd day, with respect to WMMSC, preceding the Distribution Date immediately following the related Determination Date either (i) deposit in the Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 5.01, used by such Servicer to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any such funds being held in a Collection Account for future distribution and so used shall be replaced by such Servicer from its own funds by deposit in such Collection Account on or before any future Distribution Date in which such funds would be due.

Advances by a Servicer. Each Servicer, upon receipt of notice from the Trustee, Servicer shall deposit in the Collection Account an amount equal to all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate and Lender PMI Rate, if applicable) which were due on the related Mortgage Loans during the applicable Collection Period and which were delinquent at the close of business on the immediately preceding Determination Date; provided, however, that with respect to any Balloon Loan that is delinquent on its maturity date, the related Servicer, other than WMMSC, Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 5.01 with respect to such Balloon Loan in an amount equal to the (a) for each Servicer, other than WMMSC, an assumed monthly payments scheduled payment that would have been otherwise be due based on such Balloon Loan based upon the original amortization schedule for that Mortgage Loan and (b) for WMMSC, one month's interest on the Balloon Loan less outstanding principal balance at the applicable Servicing Fee Mortgage Rate, to the extent the related Servicer deems such amount to be recoverable. With respect to any Balloon Loan that is serviced by WMMSC that is delinquent on its maturity date, WMMSC will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 5.01 with respect to such Balloon Loan in an amount equal to one month's interest on the outstanding principal balance at the applicable Mortgage Rate less the applicable Servicing Fee Rate, to the extent WMMSC deems such amount to be recoverable. Subject to this Section 5.01, each Each Servicer's obligation to make such Advances as to any related Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Mortgage Loan, or through the date that the related Mortgaged Property has, in the judgment of such Servicer, been completely liquidated. Each Servicer shall be obligated to make Advances in accordance with the provisions of this Agreement; provided, however, that such obligation with respect to any related Mortgage Loan shall cease if a Servicer determines, in its reasonable opinion, that Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the event that such Servicer determines that any such advances are Nonrecoverable Advances, such Servicer shall provide the Trustee and MBIA with a certificate signed by a Servicing Officer evidencing such determination. If an Advance is required to be made hereunder, the related Servicer shall no later than on the Servicer Cash Remittance Date immediately preceding the Distribution Date immediately following the related Determination Date either (i) deposit in the Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 5.01, used by such Servicer to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any such funds being held in a Collection Account for future distribution and so used shall be replaced by such Servicer from its own funds by deposit in such Collection Account on or before any future Distribution Date in which such funds would be due.