Common use of ADVANCES BY ORIGINATOR Clause in Contracts

ADVANCES BY ORIGINATOR. In the event an Originator, on behalf of the Servicer, makes any advance of principal and/or interest to the holder of a mortgage serviced hereunder before such Originator has received the applicable mortgage payment from any mortgagor, or makes any other advance to protect the security of a mortgage or otherwise (including but not limited to property taxes, special assessments, and hazard insurance premiums), EXCEPT advances related to foreclosure or real estate owned losses (which are covered by Section 8), then the Servicer, promptly upon being billed therefore, shall, at its option, either (i) reimburse such Originator the full amount of all such advances, (ii) credit such amount as a set-off against amounts such Originator may then owe to the Servicer pursuant to this Agreement, (iii) use a combination of such reimbursement and crediting to fully discharge such amount or (iv) forego such reimbursement or crediting with respect to all or a portion of such amount, in which case the amount not reimbursed or offset shall be deemed currently due and payable and, until paid to such Originator, shall bear interest on the average monthly balance thereof at the underlying Mortgage Loan Rate.

ADVANCES BY ORIGINATOR. In the event an Originator, on behalf of the Servicer, makes any advance of principal and/or interest to the holder of a mortgage Loan serviced hereunder before such Originator has received the applicable mortgage payment from any mortgagorObligor, or makes any other advance to protect the security of a mortgage or otherwise (including but not limited to property taxes, special assessments, and hazard insurance premiums), EXCEPT advances related to foreclosure or real estate owned losses (which are covered by Section 8), then the Servicer, promptly upon being billed therefore, shall, at its option, either (i) reimburse such Originator the full amount of all such advances, (ii) credit such amount as a set-off against amounts such Originator may then owe to the Servicer pursuant to this Agreement, (iii) use a combination of such reimbursement and crediting to fully discharge such amount or (iv) forego such reimbursement or crediting with respect to all or a portion of such amount, in which case the amount not reimbursed or offset shall be deemed currently due and payable and, until paid to such Originator, shall bear interest on the average monthly balance thereof at the underlying Mortgage Loan Interest Rate.

ADVANCES BY ORIGINATOR. In the event an Originator, on behalf of the Servicer, makes any advance of principal and/or interest to the holder of a mortgage serviced hereunder before such Originator has received the applicable mortgage payment from any mortgagor, or makes any other advance to protect the security of a mortgage or otherwise (including but not limited to property taxes, special assessments, and hazard insurance premiums), EXCEPT except advances related to foreclosure or real estate owned losses (which are covered by Section 8), then the Servicer, promptly upon being billed therefore, shall, at its option, either (i) reimburse such Originator the full amount of all such advances, (ii) credit such amount as a set-off against amounts such Originator may then owe to the Servicer pursuant to this Agreement, (iii) use a combination of such reimbursement and crediting to fully discharge such amount or (iv) forego such reimbursement or crediting with respect to all or a portion of such amount, in which case the amount not reimbursed or offset shall be deemed currently due and payable and, until paid to such Originator, shall bear interest on the average monthly balance thereof at the underlying Mortgage Home Improvement Loan Rate.