Latest Servicer Remittance Date. On or before the Latest Servicer Remittance Date preceding each Distribution Date, the Master Servicer or the Trustee will transfer or cause to be transferred for deposit to a Certificate Account (directly or through a clearing account as provided in Subsection 7.2(3)) certain funds deposited to one or more Custodial Accounts by a Direct Servicer or Subservicer for each Mortgage Loan that is serviced by that Direct Servicer or Subservicer. On or before the Latest Servicer Remittance Date, the Direct Servicer or Subservicer will be obligated to make available to the Master Servicer or the Trustee an amount at least equal to the sum of (x) all payments of principal and interest (with interest calculated at the Net Rate applicable to payment dates in the related Due Period) received by the Direct Servicer or Subservicer that are required to be included in the Certificate Distribution Amount for the related Distribution Date and (y) any required Delinquency Advances for each Mortgage Loan that is serviced by that Direct Servicer or Subservicer. If certain fees, Excess Spread and expenses are not retained by the Direct Servicer prior to deposit to a Custodial Account or withdrawn from such Custodial Account and paid to the Direct Servicer pursuant to clause (iii) of Section 6.2, those fees, Excess Spread and expenses also may be transferred to a Certificate Account by the Master Servicer or the Trustee.
Appears in 4 contracts
Samples: Master Trust Agreement, Federal National Mortgage Association, Federal National Mortgage Association
