Common use of Advances by Servicer Clause in Contracts

Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall (a) deposit in the Custodial Account from its own funds an amount equal to all Monthly Payments 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 or which were deferred pursuant to Section 2.01, (b) cause to be made an appropriate entry in the records of the Custodial Account that amounts held for future distribution have been, as permitted by this Section 3.03, used by the Servicer in discharge of any such advance or (c) make advances in the form of any combination of (a) or (b) aggregating the total amount of advances to be made. The Servicer’s obligation to make such advances as to any Mortgage Loan will continue through the earlier to occur of (a) the last Monthly Payment due prior to the payment in full of the Mortgage Loan or (b) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds, and Condemnation Proceeds) with respect to the Mortgage Loan; provided, however, that such obligation shall cease if the Servicer, in its good faith judgment, determines that an advance would not be recoverable pursuant to Section 2.05(ii). The determination by the Servicer that an advance, if made, would be nonrecoverable, shall be evidenced by an Officer’s Certificate of the Servicer, delivered to the Purchaser, which details the reasons for such determination. To the extent permitted under Section 2.05 hereof, the Servicer shall be entitled to first priority reimbursement for principal and interest advances and for Servicing Advances from recoveries from the related Mortgagor or from all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan.”

Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall (a) deposit in the Custodial Account from its own funds an amount equal to all Monthly Payments 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 or which were deferred pursuant to Section 2.01, (b) cause provided that the Servicer shall only be required to make such advances with respect to a Mortgage Loan until such advances are, in the Servicer's good faith determination as evidenced by an Officer's Certificate of the Servicer delivered to the Purchaser on the Business Day next following the Determination Date on or prior to which said determination is or was made, deemed to be made an appropriate entry in the records of the Custodial Account that amounts held for future distribution have been, as permitted by this Section 3.03, used by the Servicer in discharge of any such advance or (c) make advances in the form of any combination of (a) or (b) aggregating the total amount of advances to be madea Nonrecoverable Advance. The Servicer’s 's obligation to make such advances as to any Mortgage Loan will continue through the earlier to occur of (ai) the last Monthly Payment due prior to the payment in full disposition of the such Mortgage Loan or and (bii) the last Remittance Date prior to the Remittance Date for the distribution date of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds, and Condemnation Proceeds) foreclosure sale with respect to the such Mortgage Loan; provided, however, that such obligation shall cease if the Servicer, in its good faith judgment, determines that an advance would not be recoverable pursuant to Section 2.05(ii). The determination by the Servicer that an advance, if made, would be nonrecoverable, shall be evidenced by an Officer’s Certificate of the Servicer, delivered to the Purchaser, which details the reasons for such determination. To the extent permitted under Section 2.05 hereofExcept as otherwise provided herein, the Servicer shall be entitled to first priority reimbursement pursuant to Section 2.05 hereof for principal and interest advances and for Servicing Advances servicing advances from recoveries from the related Mortgagor mortgagor or from all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan.”

Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall (a) deposit in the Custodial Account from its own funds an amount equal to all Monthly Payments 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 or which were deferred pursuant to Section 2.01, (b) cause to be made an appropriate entry in the records of the Custodial Account that amounts held for future distribution have been, Except as permitted by this Section 3.03, used by the Servicer in discharge of any such advance or (c) make advances in the form of any combination of (a) or (b) aggregating the total amount of advances to be made. The Servicer’s obligation to make such advances as to any Mortgage Loan will continue through the earlier to occur of (a) the last Monthly Payment due prior to the payment in full of the Mortgage Loan or (b) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds, and Condemnation Proceeds) with respect to the Mortgage Loan; provided, however, that such obligation shall cease if the Servicer, in its good faith judgment, determines that an advance would not be recoverable pursuant to Section 2.05(ii). The determination by the Servicer that an advance, if made, would be nonrecoverable, shall be evidenced by an Officer’s Certificate of the Servicer, delivered to the Purchaser, which details the reasons for such determination. To the extent permitted under Section 2.05 hereofotherwise provided herein, the Servicer shall be entitled to first priority reimbursement for principal and interest advances and pursuant to Section 2.05 for Servicing Advances from (i) recoveries from the related Mortgagor or Mortgagor, (ii) from all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) and (iii) from the Owner on each Transfer Date with respect to the related Mortgage Loan. In addition, the Servicer shall be entitled to monthly reimbursement pursuant to Section 2.05 hereof for HELOC Draw Advances with respect to HELOC Mortgage Loans. On each Remittance Date, Owner shall reimburse Servicer for HELOC Draw Advances. If funds in the Custodial Account are insufficient to reimburse Servicer for any Servicing Advance, HELOC Draw Advance, Owner shall reimburse Servicer via wire transfer within thirty (30) days of receipt of written notice from Servicer. On each Remittance Date, if the monthly report, as described in Subsection 3.02, indicates that (x) the aggregate amount of the Additional Balance to be transferred to the Owner on such date exceeds (y) the portion of the amount required to be on deposit in the Custodial Account pursuant to Subsection 2.05(v) as of the close of business on the preceding Business Day (the “Deficit”), the Servicer shall provide a notice to the Owner indicating the amount of such Deficit. If a Deficit occurs, the Owner shall, not more than once per calendar month, within five (5) Business Days upon receiving the notice required (the “Deficit Payment Date”), remit to the Servicer by wire transfer to the related account specified above the amount of any such Deficit. If the amount described in clause (y) above exceeds the amount described in clause (x) above, the Servicer shall (1) in accordance with the terms and conditions of Subsection 2.05(v) above, be entitled to withdraw not more than once per calendar month from the Custodial Account an amount equal to the amount described in clause (x) above and (2) remit to the Owner the related remittance.”

Advances by Servicer. On the Business Day immediately preceding (a) Subject to this Section 5.05, Advances shall be made in respect of each Servicer Remittance Date as provided herein. If, on any Determination Date, the Servicer determines that any Scheduled Payments due during the related Collection Period have not been received, such Servicer shall advance such amount to the extent provided in this Section 5.05. The Servicer shall be entitled to be reimbursed from the Collection Account for all Advances made by it as provided in Section 4.07(d). Notwithstanding anything to the contrary herein, in the event the Servicer determines in its reasonable judgment that an Advance is a Nonrecoverable Advance, the Servicer shall be under no obligation to make such Advance. (ab) In the event that the Servicer fails for any reason to make an Advance required to be made pursuant to this Section 5.05, the Indenture Trustee, as successor Servicer, shall, on or before the related Payment Date, deposit in the Custodial Collection Account from its own funds an amount equal to all Monthly Payments 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 or which were deferred pursuant to Section 2.01, (b) cause to be made an appropriate entry in the records of the Custodial Account that amounts held for future distribution have been, as permitted by this Section 3.03, used by the Servicer in discharge of any such advance or (c) make advances in the form of any combination excess of (a) or (b) aggregating the total amount of advances Advances required to be made. The Servicer’s obligation to make made by the Servicer that would have been deposited in such advances as to any Mortgage Loan will continue through the earlier to occur of (a) the last Monthly Payment due prior to the payment in full of the Mortgage Loan or Collection Account over (b) the last Remittance Date prior to amount of any Advance made by the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds, and Condemnation Proceeds) Servicer with respect to the Mortgage Loansuch Payment Date; provided, however, that the Indenture Trustee as successor Servicer shall be required to make such obligation shall cease Advance only if the Servicer, in its good faith judgment, determines it is not prohibited by law from doing so and it has determined that an advance such Advance would not be recoverable pursuant from amounts to Section 2.05(ii)be received with respect to such Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds, or otherwise. The determination by the Servicer that an advance, if made, would be nonrecoverable, shall be evidenced by an Officer’s Certificate of the Servicer, delivered to the Purchaser, which details the reasons for such determination. To the extent permitted under Section 2.05 hereof, the Servicer Indenture Trustee shall be entitled to first priority reimbursement for principal and interest advances and for Servicing Advances from recoveries be reimbursed from the related Mortgagor or from Collection Account for Advances made by it pursuant to this Section 5.05 as if it were the Servicer and shall be entitled to receive all Liquidation Proceeds compensation and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) fees of the Servicer in accordance with respect to the related Mortgage LoanSection 7.01(b).”

Advances by Servicer. On Not later than the close of business on the Business Day immediately preceding each Remittance Date, the Servicer shall (a) deposit in the Custodial Account from its own funds an amount equal to all Monthly Payments payments not previously advanced by the Servicer, whether or not deferred pursuant to Section 7.01, of principal (due after the Cut-off Date) and interest not allocable to the period prior to the Cut-off Date, at the Mortgage Loan Remittance Rate, which were due on the a Mortgage Loans during the applicable Due Period Loan and which were delinquent at the close of business on the immediately preceding Determination Date or which were deferred pursuant to Section 2.01, (b) cause to be made an appropriate entry in the records last day of the Custodial Account that amounts held for future distribution have been, as permitted by this Section 3.03, used by related Due Period. The obligation of the Servicer in discharge of any such advance or (c) make advances in the form of any combination of (a) or (b) aggregating the total amount of advances to be made. The Servicer’s obligation to make such advances as Monthly Advances is mandatory, notwithstanding any other provision of this Agreement, and, with respect to any Mortgage Loan will or REO Property, shall continue through the earlier to occur of (a) the last Monthly Payment due prior until a Final Recovery Determination in connection therewith; provided that, notwithstanding anything herein to the payment in full of contrary, no Monthly Advance shall be required to be made hereunder by the Mortgage Loan or (b) Servicer if the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds, and Condemnation Proceeds) with respect to the Mortgage Loan; provided, however, Servicer determines that such obligation shall cease Monthly Advance would, if the Servicermade, in its good faith judgment, determines that an advance would not be recoverable pursuant to Section 2.05(ii)constitute a Nonrecoverable Monthly Advance. The determination by the Servicer that an advanceit has made a Nonrecoverable Monthly Advance or that any proposed Monthly Advance, if made, would be nonrecoverableconstitute a Nonrecoverable Monthly Advance, shall be evidenced by an Officer’s Certificate of the Servicer, delivered to the Purchaser, which details . On the reasons for such determination. To Business Day prior to the extent permitted under Section 2.05 hereofRemittance Date, the Servicer shall be entitled deposit into the Custodial Account payments on account of Prepayment Interest Shortfall Amount in an aggregate amount equal to first priority reimbursement the lesser of (i) the aggregate amount of Prepayment Interest Shortfall Amount for principal and interest advances and for Servicing Advances from recoveries from the related Mortgagor or Remittance Date resulting solely from all Liquidation Proceeds Principal Prepayments during the related Due Period, and other payments or recoveries (including Insurance Proceeds and Condemnation Proceedsii) with respect the total amount of the servicing compensation that would be payable to the Servicer for such Due Period if no Principal Prepayment was made during the Due Period related Mortgage Loanto such Remittance Date.”

Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall (a) deposit in the Custodial Account from its own funds 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 or which were deferred pursuant to Section 2.01, (b) cause to Date. This deposit may be made an appropriate entry in the records of the Custodial Account that amounts offset by any funds held for a future distribution have beennot due on the current Remittance Date, as permitted by this Section 3.03, used provided that such offset amount shall be replenished by the Servicer in discharge of any prior to the Remittance Date on which such advance or (c) make advances in the form of any combination of (a) or (b) aggregating the total amount of advances is to be madedistributed. The Servicer’s obligation to make such advances as to any Mortgage Loan will continue through the earlier to occur of (a) the last Monthly Payment due prior to the payment in full of the Mortgage Loan Loan, or (b) through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance REO Disposition Proceeds, and Condemnation Proceedsproceeds 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 Servicer, in its good faith judgment, determines that an advance such advances would not be recoverable pursuant to Section 2.05(ii10.10(c). The determination by the Servicer that an advance, if made, would be nonrecoverable, shall be evidenced by an Officer’s Certificate of the Servicer, delivered to the Purchaser, which details the reasons for such determination. To determination and contains an appraisal of the extent permitted under Section 2.05 hereof, value of the Servicer shall be entitled to first priority reimbursement for principal and interest advances and for Servicing Advances from recoveries from the related Mortgagor or from all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage LoanMortgaged Property.”

Advances by Servicer. On (i) The Servicer shall have no duty or obligation to remit to the Business Day immediately preceding each Remittance DateParticipants principal, interest or any other sums payable with respect to a Mortgage Loan unless and until such payments or sums are actually received by the Servicer, whether or not the related Mortgage Loan is then in default. (ii) Servicer may, in its sole discretion, but consistent with the Servicing Standard, elect to make (but shall not be obligated to make) such advances as are reasonably necessary to preserve or protect the Mortgaged Property or any other security for a Mortgage Loan ("Servicing Advances"), including, without limitation, for the payment of hazard insurance premiums, real estate taxes or other lienable charges, ground rents, and penalties for late payments thereof. If insufficient funds have been collected from the Mortgage Loan Borrower to pay such charges, the Servicer shall (a) deposit in the Custodial Account from its own funds an amount equal to all Monthly Payments not be responsible for penalties or interest 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 or which were deferred pursuant to Section 2.01, (b) cause to be made an appropriate entry in the records of the Custodial Account that amounts held for future distribution have been, as permitted by this Section 3.03, used by the Servicer in discharge of any such advance or (c) make advances in the form of any combination of (a) or (b) aggregating the total amount of advances to be made. The Servicer’s obligation to make such advances as to any Mortgage Loan will continue through the earlier to occur of (a) the last Monthly Payment due prior to the payment in full of the Mortgage Loan or (b) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds, and Condemnation Proceeds) may accrue with respect to the Mortgage Loan; provided, however, that such obligation shall cease if the Servicer, any Mortgaged Property as a result of any delay in its good faith judgment, determines payment of taxes or other lienable charges hereunder unless such delay is of such degree that an advance would not be recoverable pursuant to Section 2.05(ii)it is inconsistent with the Servicing Standard. The determination by the Servicer that an advance, if made, would be nonrecoverableServicer’s rights hereunder, shall be evidenced in addition to, but not in limitation of Participant rights under the Participation Agreement. (iii) Reimbursement of Servicing Advances made by an Officer’s Certificate of Servicer shall include interest from the Servicer, delivered date the Servicing Advances are made to the Purchaserdate of reimbursement thereof at the Reimbursement Rate announced on the date such Servicing Advances are made (or, which details if not a Business Day, on the reasons for next succeeding Business Day) (such determinationinterest constituting "Advance Interest"). To the extent permitted under Section 2.05 hereof, Servicing Advances and Advance Interest due to the Servicer shall be entitled paid from all payments received on account of such Mortgage Loan prior to first priority reimbursement for principal and interest advances and for the distributions of the Administrative Costs (described in Section 8 below) or distributions due to the Participants. (iv) Each Participant may also make (but shall not be obligated to make) Servicing Advances from recoveries in the event that the Servicer does not elect to make same. (v) To the extent that any Servicing Advance made by the Servicer is not reimbursed pursuant to Section 3 of the Participation Agreement within thirty (30) days from the related Mortgagor or from all Liquidation Proceeds and other payments or recoveries date of such advance, then each Participant shall reimburse the Servicer within five (including Insurance Proceeds and Condemnation Proceeds5) Business Days after its receipt of written demand, the amount of its pro rata share (calculated in accordance with respect to its Percentage Interest) of such Servicing Advances, which reimbursement obligation shall survive the related Mortgage Loantermination of this Agreement.”