Common use of Conveyance of Servicing Rights Clause in Contracts

Conveyance of Servicing Rights. Upon the terms and subject to the conditions of this Agreement and the related Servicing Agreement, as amended, Seller shall, on the Transfer Date, sell and assign to Servicer, and Servicer shall purchase and assume from Seller, (i) all beneficial right, title, interest and obligation of Seller in and to the specific Servicing Rights to the Mortgage Loans identified on Exhibit A hereto; and all rights related thereto, (ii) the Monthly Advances and Servicing Advances, (iii) the Custodial Funds and Escrow Funds, (iv) the Servicing Files, (v) the exclusive right to enter into arrangements that generate, or to otherwise receive, Ancillary Income. The Servicer shall reimburse the Seller or the applicable Interim Servicer the amount of all unreimbursed Monthly Advances made by such Interim Servicer prior to the Transfer Date in accordance with the Servicing Transfer Instructions. From and after the Sale Date until the Transfer Date, the Servicer shall be entitled to all Servicing Fees less $5.00 per month per Mortgage Loan. Such Servicing Fees shall be paid to the Servicer five Business Days after the May 18, 2006 remittance. From and after the Transfer Date, the Servicer shall be entitled to all Servicing Fees to the extent such amounts are payable to it as successor servicer pursuant to the terms of the Servicing Agreement.