Common use of ADVANCES BY PURCHASER Clause in Contracts

ADVANCES BY PURCHASER. On the Business Day immediately preceding each Remittance Date, Purchaser shall deposit in the Custodial Account an amount equal to all Monthly Payments (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date. This deposit may be offset by any funds held for a future distribution not due on the current Remittance Date; provided, however, the Purchaser shall deposit in the Custodial Account such funds as described in the preceding clause prior to the next Remittance Date. Purchaser's obligation to make such advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all other payments or recoveries (including proceeds under any title, hazard or other insurance policy, or condemnation awards) with respect to the Mortgage Loan, provided, however, that such obligation shall cease if (a) there has been a final disposition of the Mortgage Loan or (b) if Purchaser, in its good faith judgment, determines that such advances would not be recoverable pursuant to this Exhibit. The determination by Purchaser that an advance, if made, would be nonrecoverable, shall be evidenced by an officer's certificate of Purchaser, delivered to Seller, which details the reasons for such determination and contains an appraisal of the value of the Mortgaged Property.