Common use of Advances by the Servicer; Distribution Reports to the Trustee Clause in Contracts

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Loans or recoverable as late Monthly Payments with respect to the related Loans or otherwise. Prior to the close of business on each Determination Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Date to the extent that funds in the Certificate Account on the related Distribution Date with respect to the related Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be entitled to reimbursement for any Advance as provided in Section 3.3 of this Agreement. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).

Appears in 22 contracts

Samples: Pooling and Servicing Agreement (Abnn Amro Mortgage Corp Series 2002-1), Pooling and Servicing Agreement (Abn Amro Mortgage Corp Multi Cla Mor Pas THR Cer Se 2003-10), Pooling and Servicing Agreement (Abn Amro Mort Corp Multi-Class Mort Pass-THR Cert Ser 2003-2)

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Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Loans or recoverable as late Monthly Payments with respect to the related Loans or otherwise. Prior to the close of business on each Determination Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Date to the extent that funds in the Certificate Account on the related Distribution Date with respect to the related Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be is entitled to reimbursement receive from the Custodial Accounts for P&I established by the Servicer under its supervision amounts received by the Servicer on particular Loans as late payments of principal and interest or as Liquidation or Insurance Proceeds and respecting which the Servicer has made an unreimbursed Advance of principal and interest. The Servicer is also entitled to receive other amounts from the related Custodial Accounts for P&I established by the Servicer under its supervision to reimburse the Servicer for prior Nonrecoverable Advances. In accordance with Section 3.3, Advances are reimbursable to the Servicer from cash in the Custodial Account for P&I to the extent that the Servicer shall determine that any Advance as provided in such advances previously made are Nonrecoverable Advances pursuant to Section 3.3 of this Agreement4.4. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 1999-6), Pooling and Servicing Agreement (Abn Amro Mortgage Corp), Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 1999-8)

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Loans or recoverable as late Monthly Payments with respect to the related Loans or otherwise. Prior to the close of business on each Determination Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, MBIA and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Date to the extent that funds in the Certificate Account on the related Distribution Date with respect to the related Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be entitled to reimbursement for any Advance as provided in Section 3.3 of this Agreement. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2001-3), Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2001-2), Pooling and Servicing Agreement (Abn Amro Mortgage Corp Multi Class Cer Ser 2002-8)

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Loans or recoverable as late Monthly Payments with respect to the related Loans or otherwise. Prior to the close of business on the second Business Day prior to each Determination Distribution Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Determination Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Business Day prior to the Distribution Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account, or the Servicer shall make an appropriate entry in the records for the Custodial Account for P&I, that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Distribution Date to the extent that funds in the Certificate Account on the related such Distribution Date with respect to the related Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be entitled to reimbursement for any Advance as provided in Section 3.3 of this Agreement. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2001-1), Pooling and Servicing Agreement (Abn Amro Mort Corp Multi Class Mort Pass THR Cert Ser 2003-3), Pooling and Servicing Agreement (Abn Amro Mort Corp Multi Class Mort Pass THR Cert Ser 2003-4)

Advances by the Servicer; Distribution Reports to the Trustee. (a) To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Mortgage Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's ’s obligation to make any Advance advance or Advances advances described in this Section 4.3 4.02 is effective only to the extent that such Advance advance is, in the good faith judgment of the ServicerServicer made on or before the second Business Day prior to each Distribution Date, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Mortgage Loans or recoverable as late Monthly Payments with respect to the related Mortgage Loans or otherwise. Prior to the close of business on the second Business Day prior to each Determination Distribution Date, the Servicer shall determine whether or not it will make an a Monthly P&I Advance on the next Withdrawal Business Day prior to such Distribution Date and shall furnish a written statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date advanced on account of principal and interest in respect of the Mortgage Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an a Monthly P&I Advance, it shall on the Withdrawal Business Day prior to the related Distribution Date either (i) deposit in the Certificate Account an amount equal to such Monthly P&I Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.34.02, used by such the Servicer to make such Advance, Monthly P&I Advance or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Monthly P&I Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on the Business Day immediately preceding any future Withdrawal Distribution Date to the extent that funds in the Certificate Account on the related such Distribution Date with respect to the related Mortgage Loans shall be less than payments to Certificateholders required to be made hereunder on such date with respect to such the Mortgage Loans. The Servicer is entitled to receive from the Custodial Accounts for P&I monies received on particular Mortgage Loans as late payments of principal and interest or as Liquidation or Insurance Proceeds and respecting which the Servicer has made an unreimbursed advance of principal and interest. The Servicer is also entitled to receive other amounts from the related Custodial Accounts for P&I to reimburse itself for prior Nonrecoverable Advances respecting Mortgage Loans. The Servicer shall be entitled deposit these amounts in the Investment Account prior to reimbursement for any Advance as provided in withdrawal pursuant to Section 3.3 of this Agreement3.05. In accordance with Section 3.05, Monthly P&I Advances are reimbursable to the event Servicer from cash in the Investment Account or the Certificate Account to the extent that the Trustee has appointed a Certificate Administrator, prior Servicer shall determine that any such advances previously made are Nonrecoverable Advances pursuant to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof)4.03.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2005-3), Pooling and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2005-2), Pooling and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT 2005-4)

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Loans or recoverable as late Monthly Payments with respect to the related Loans or otherwise. Prior to the close of business on the second Business Day prior to each Determination Distribution Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder or Beneficial Holder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Determination Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Business Day prior to the Distribution Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account, or the Servicer shall make an appropriate entry in the records for the Custodial Account for P&I, that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Distribution Date to the extent that funds in the Certificate Account on the related such Distribution Date with respect to the related Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be entitled to reimbursement for any Advance as provided in Section 3.3 of this Agreement. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Multi-Class Mor Pas THR Cer Ser 2003-11), Pooling and Servicing Agreement (Abn Amro Mort Sec Multi Class Mort PSTHR Certs Ser 2003-13), Pooling and Servicing Agreement (Multi-Class Mortgage Pass-Through Cert Series 2003-12)

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Loans or recoverable as late Monthly Payments with respect to the related Loans or otherwise. Prior to the close of business on each Determination Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Date to the extent that funds in the Certificate Account on the related Distribution Date with respect to the related Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be entitled to reimbursement for any Advance as provided in Section 3.3 of this Agreement. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).the

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2001-6), Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 1999-3)

Advances by the Servicer; Distribution Reports to the Trustee. (a) To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Custodial Account for P&I, or apply funds held in the Custodial Account for P&I for future distribution, to cover any shortfall between (i) payments Minimum Monthly Payments scheduled to be received in respect of Mortgage Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such paymentsreceived. The Servicer's ’s obligation to make any Advance advance or Advances advances described in this Section 4.3 4.02 is effective only to the extent that such Advance advance is, in the good faith judgment of the ServicerServicer made not later than the second Business Day prior to each Distribution Date, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Mortgage Loans or recoverable as late Minimum Monthly Payments with respect to the related Mortgage Loans or otherwise. Prior to the close of business on the second Business Day prior to each Determination Distribution Date, the Servicer shall determine whether or not it will make an a Monthly P&I Advance on not later than the next Withdrawal second Business Day prior to such Distribution Date and shall furnish a written statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date advanced on account of principal and interest in respect of the Mortgage Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an a Monthly P&I Advance, it shall on shall, not later than the Withdrawal second Business Day prior to the related Distribution Date either (i) deposit in the Certificate Custodial Account for P&I an amount equal to such Monthly P&I Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Custodial Account for P&I that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.34.02, used by such the Servicer to make such Advance, Monthly P&I Advance or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Monthly P&I Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Custodial Account on for P&I not later than the second Business Day prior to any future Withdrawal Distribution Date to the extent that funds in the Certificate Account otherwise available for distribution on the related such Distribution Date with respect to the related Mortgage Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be entitled to reimbursement for any Advance as provided in Section 3.3 of this Agreement. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates hereunder on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof)Date.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2005-Ar1), Pooling and Servicing Agreement (WaMu Mortgage Pass-Through Certificates, Series 2005-Ar11)

Advances by the Servicer; Distribution Reports to the Trustee. (a) To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Mortgage Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's ’s obligation to make any Advance advance or Advances advances described in this Section 4.3 4.02 is effective only to the extent that such Advance advance is, in the good faith judgment of the ServicerServicer made on or before the second Business Day prior to each Distribution Date, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Mortgage Loans or recoverable as late Monthly Payments with respect to the related Mortgage Loans or otherwise. Prior to the close of business on the second Business Day prior to each Determination Distribution Date, the Servicer shall determine whether or not it will make an a Monthly P&I Advance on the next Withdrawal Business Day prior to such Distribution Date and shall furnish a written statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date advanced on account of principal and interest in respect of the Mortgage Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an a Monthly P&I Advance, it shall on the Withdrawal Business Day prior to the related Distribution Date either (i) deposit in the Certificate Account an amount equal to such Monthly P&I Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.34.02, used by such the Servicer to make such Advance, Monthly P&I Advance or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Monthly P&I Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on the Business Day immediately preceding any future Withdrawal Distribution Date to the extent that funds in the Certificate Account on the related such Distribution Date with respect to the related Mortgage Loans shall be less than payments to Certificateholders required to be made on such date with respect to such the Mortgage Loans. The Servicer is entitled to receive from the Custodial Accounts for P&I monies received on particular Mortgage Loans as late payments of principal and interest or as Liquidation or Insurance Proceeds and respecting which the Servicer has made an unreimbursed advance of principal and interest. The Servicer is also entitled to receive other amounts from the related Custodial Accounts for P&I to reimburse itself for prior Nonrecoverable Advances respecting Mortgage Loans. The Servicer shall be entitled deposit these amounts in the Investment Account prior to reimbursement for any Advance as provided in withdrawal pursuant to Section 3.3 of this Agreement3.05. In accordance with Section 3.05, Monthly P&I Advances are reimbursable to the event Servicer from cash in the Investment Account or the Certificate Account to the extent that the Trustee has appointed a Certificate Administrator, prior Servicer shall determine that any such advances previously made are Nonrecoverable Advances pursuant to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof)4.03.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2005-1)

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Loans or recoverable as late Monthly Payments with respect to the related Loans or otherwise. Prior to the close of business on each Determination Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Date to the extent that funds in the Certificate Account on the related Distribution Date with respect to the related Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be is entitled to reimbursement receive from the Custodial Accounts for P&I established by the Servicer under its supervision amounts received by the Servicer on particular Loans as late payments of principal and interest or as Liquidation or Insurance Proceeds and respecting which the Servicer has made an unreimbursed Advance of principal and interest. The Servicer is also entitled to receive other amounts from the related Custodial Accounts for P&I established by the Servicer under its supervision to reimburse the Servicer for prior Nonrecoverable Advances. In accordance with Section 3.3, Advances are reimbursable to the Servicer from cash in the Custodial Account for P&I to the extent that the Servicer shall determine that any Advance as provided in such advances previously made are Nonrecoverable Advances pursuant to Section 3.3 of this Agreement4.4. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).Trustee

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp)

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Advances by the Servicer; Distribution Reports to the Trustee. (a) To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such ServicerMortgage Loans, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance advance or Advances advances described in this Section 4.3 4.02 is effective only to the extent that such Advance advance is, in the good faith judgment of the ServicerServicer made on or before the second Business Day prior to each Distribution Date, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Mortgage Loans or recoverable as late Monthly Payments with respect to the related Mortgage Loans or otherwise. Prior to the close of business on the second Business Day prior to each Determination Distribution Date, the Servicer shall determine whether or not it will make an a Monthly P&I Advance on the next Withdrawal Business Day prior to such Distribution Date (in the event that the applicable Servicer fails to make such advances) and shall furnish a written statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date advanced on account of principal and interest in respect of the Mortgage Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an a Monthly P&I Advance, it shall on the Withdrawal Business Day prior to the related Distribution Date either (i) deposit in the Certificate Account an amount equal to such Monthly P&I Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.34.02, used by such the Servicer to make such Monthly P&I Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Monthly P&I Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on the Business Day immediately preceding any future Withdrawal Distribution Date to the extent that funds in the Certificate Account on the related such Distribution Date with respect to the related Mortgage Loans shall be less than payments to Certificateholders required to be made on such date with respect to the Mortgage Loans. Under each Selling and Servicing Contract, the Servicer is entitled to receive from the Custodial Accounts for P&I established by the related Servicers amounts received by the applicable Servicers on particular Mortgage Loans as late payments of principal and interest or as Liquidation or Insurance Proceeds and respecting which the Servicer has made an unreimbursed advance of principal and interest. The Servicer is also entitled to receive other amounts from the related Custodial Accounts for P&I established by the related Servicers to reimburse itself for prior Nonrecoverable Advances respecting Mortgage Loans serviced by such LoansServicers. The Servicer shall be entitled deposit these amounts in the Investment Account prior to reimbursement for any Advance as provided in withdrawal pursuant to Section 3.3 of this Agreement3.05. In accordance with Section 3.05, Monthly P&I Advances are reimbursable to the event Servicer from cash in the Investment Account or the Certificate Account to the extent that the Trustee has appointed a Certificate Administrator, prior Servicer shall determine that any such advances previously made are Nonrecoverable Advances pursuant to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof)4.03.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (WaMu Asset Acceptance Corp.)

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Loans or recoverable as late Monthly Payments with respect to the related Loans or otherwise. Prior to the close of business on each Determination Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Date to the extent that funds in the Certificate Account on the related Distribution Date with respect to the related Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be entitled to reimbursement for any Advance as provided in Section 3.3 of this Agreement. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).of

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2001-7)

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Loans or recoverable as late Monthly Payments with respect to the related Loans or otherwise. Prior to the close of business on each Determination Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the 115 Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Date to the extent that funds in the Certificate Account on the related Distribution Date with respect to the related Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be entitled to reimbursement for any Advance as provided in Section 3.3 of this Agreement. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2001-8)

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Mortgage Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Mortgage Loans or recoverable as late Monthly Payments with respect to the related Mortgage Loans or otherwise. Prior to the close of business on each Determination Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Mortgage Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Mortgage Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) 84 direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Date to the extent that funds in the Certificate Account on the related Distribution Date with respect to the related Mortgage Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Mortgage Loans. The Servicer shall be is entitled to reimbursement receive from the Custodial Accounts for P&I established by the Servicer under its supervision amounts received by the Servicer on particular Mortgage Loans as late payments of principal and interest or as Liquidation or Insurance Proceeds and respecting which the Servicer has made an unreimbursed Advance of principal and interest. The Servicer is also entitled to receive other amounts from the related Custodial Accounts for P&I established by the Servicer under its supervision to reimburse the Servicer for prior Nonrecoverable Advances. In accordance with Section 3.3, Advances are reimbursable to the Servicer from cash in the Custodial Account for P&I to the extent that the Servicer shall determine that any Advance as provided in such advances previously made are Nonrecoverable Advances pursuant to Section 3.3 of this Agreement4.4. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp)

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Loans or recoverable as late Monthly Payments with respect to the related Loans or otherwise. Prior to the close of business on the second Business Day prior to each Determination Distribution Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Determination Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Business Day prior to the Distribution Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account, or the Servicer shall make an appropriate entry in the records for the Custodial Account for P & I, that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Distribution Date to the extent that funds in the Certificate Account on the related such Distribution Date with respect to the related Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Loans. The Servicer shall be entitled to reimbursement for any Advance as provided in Section 3.3 of this Agreement. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 2002-9)

Advances by the Servicer; Distribution Reports to the Trustee. To the extent described below, the Servicer is obligated to advance its own funds to the Certificate Account to cover any shortfall between (i) payments scheduled to be received in respect of Mortgage Loans serviced by such Servicer, and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The Servicer's obligation to make any Advance or Advances described in this Section 4.3 is effective only to the extent that such Advance is, in the good faith judgment of the Servicer, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Mortgage Loans or recoverable as late Monthly Payments with respect to the related Mortgage Loans or otherwise. Prior to the close of business on each Determination Date, the Servicer shall determine whether or not it will make an Advance on the next Withdrawal Date and shall furnish a statement to the Certificate Administrator, if any, the Trustee, the Paying Agent, if any, and to any Certificateholder requesting the same, setting forth the aggregate amount to be distributed on the next succeeding Distribution Date on account of principal and interest in respect of the Mortgage Loans, stated separately. In the event that full scheduled amounts of principal and interest in respect of the related Mortgage Loans shall not have been received by or on behalf of the Servicer prior to the Withdrawal Date preceding such Distribution Date and the Servicer shall have determined that an Advance shall be made in accordance with this Section 4.3, the Servicer shall so specify and shall specify the aggregate amount of such Advance. In the event that the Servicer shall be required to make an Advance, it shall on the Withdrawal Date either (i) deposit in the Certificate Account an amount equal to such Advance, (ii) direct the Trustee or the Certificate Administrator (if so appointed by the Trustee) to make an appropriate entry in the records of the Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.3, used by such Servicer to make such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the related Servicer by deposit in the Certificate Account on any future Withdrawal Date to the extent that funds in the Certificate Account on the related Distribution Date with respect to the related Mortgage Loans shall be less than payments to Certificateholders required to be made on such date with respect to such Mortgage Loans. The Servicer shall be is entitled to reimbursement receive from the Custodial Accounts for P&I established by the Servicer under its supervision amounts received by the Servicer on particular Mortgage Loans as late payments of principal and interest or as Liquidation or Insurance Proceeds and respecting which the Servicer has made an unreimbursed Advance of principal and interest. The Servicer is also entitled to receive other amounts from the related Custodial Accounts for P&I established by the Servicer under its supervision to reimburse the Servicer for prior Nonrecoverable Advances. In accordance with Section 3.3, Advances are reimbursable to the Servicer from cash in the Custodial Account for P&I to the extent that the Servicer shall determine that any Advance as provided in such advances previously made are Nonrecoverable Advances pursuant to Section 3.3 of this Agreement4.4. In the event that the Trustee has appointed a Certificate Administrator, prior to 5:00 P.M. New York City time on the Withdrawal Date, the Certificate Administrator shall provide the Trustee with a statement regarding the amount of principal and interest, the Residual Distribution Amount and the Excess Liquidation Proceeds to be distributed to each Class of Certificates on such Distribution Date (such amounts to be determined in accordance with the definition of "Certificate Distribution Amount", Section 4.1 hereof and other related definitions set forth in Article I hereof).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp)

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