Month End Interest Clause Samples
POPULAR SAMPLE Copied 1 times
Month End Interest. If a Prepayment in Full of a Mortgage Loan occurs, such prepayment is received by the Servicer after the Applicable Unscheduled Receipt Period ending in the month in which such prepayment occurs, and the Servicer does not receive a full 30 days of interest (calculated on a 30-day month, 360-day year basis) on the prepaid amount for the month in which such Prepayment in Full occurs, the Servicer must pay the Month End Interest on all such Mortgage Loans so prepaid in full on the Remittance Date in the month following the month of such prepayment. Any Month End Interest Shortfall for any month shall not be recoverable from the Servicer or any other source in the future. The payment of Month End Interest by the Servicer, as provided for above, shall not be an "advance" and shall not be reimbursable from the proceeds of any Mortgage Loan.
Month End Interest all amounts reimbursable to a Servicer for PMI Advances; and
Month End Interest. Unless otherwise provided in the Servicing Agreement, the Servicer shall pay and deposit into the Servicer Custodial Account, on or before each Servicer Remittance Date, an amount equal to Month End Interest with respect to the preceding month, but only to the extent of the Servicer Fee payable with respect to the preceding month. Such payment will not be considered a Non-Recoverable Advance. The Servicer shall not be entitled to any recovery or reimbursement of such payment from the Master Servicer, the Trustee or the Certificateholders.
Month End Interest. 28 Section 3.06. Trustee to Cooperate; Release of Mortgage Files..........................................28 Section 3.07. Reports to the Trustee; Annual Compliance Statements.....................................29 Section 3.08. Title, Management and Disposition of REO Properties......................................29 Section 3.09. Amendments to Servicing Agreements; Modification of the Servicing Guides.................32 Section 3.10. Oversight of Servicing...................................................................32 Section 3.11. Credit Enhancement.......................................................................33 Article IV Reporting/Remitting to Certificateholders.............................................................33 Section 4.01. Statements to Certificateholders.........................................................33 Section 4.02.
Month End Interest. If so provided in the Pooling and Master Servicing Agreement, the Master Servicer shall pay and deposit into the Master Servicer Custodial Account, on or before each Master Servicer Remittance Date, an amount equal to Month End Interest attributable to any Mortgage Asset liquidated or prepaid in the preceding Prepayment Period, but only to the extent of its Master Servicing Compensation payable with respect to the Distribution Date related to such Master Servicer Remittance Date. Such payment will not be considered a Non- Recoverable Advance; and in case of such payment, the Master Servicer shall not be entitled to any recovery or reimbursement from the Trustee or the Securityholders, but may seek and obtain recovery from the Servicer that failed to make the payment through legal action or otherwise, to the extent provided in the related Servicing Agreement.