Common use of Escrows and Other Amounts Relating to the Mortgage Loans Clause in Contracts

Escrows and Other Amounts Relating to the Mortgage Loans. (a) Transfer of Net P&I Transfer Amount and Net T&I Transfer Amount. The Servicing Transfer Instructions shall govern the transfer of the Net P&I Transfer Amount and the Net T&I Transfer Amount, as those terms are hereinafter defined. In addition to providing the reports as described in the Servicing Transfer Instructions, the Seller shall (i) transfer to the Purchaser or its designee within five (5) Business Days after the related Servicing Transfer Date, in immediately available funds by wire transfer, an amount equal to the net escrow account balances, impound and suspense balances, buydown funds, and all loss draft balances not paid to the Purchaser or its designee and all other amounts associated with the Mortgage Loans, less recoverable Servicing Advances and unpaid Interim Servicing Fees and Ancillary Fees; (ii) provide the Purchaser or its designee with an accounting statement, in hard copy, separately identifying each of the foregoing items for each Mortgage Loan sufficient to enable Purchaser or its designee to reconcile the amount of each such payment with the accounts of the related Mortgage Loan; and (iii) transfer to the Purchaser or its designee, within two (2) Business Days of the related Servicing Transfer Date, in immediately available funds by wire transfer, the amount of any prepaid Mortgage Loan payments and all other similar amounts held by the Seller.