Common use of Monthly Advances by Countrywide Servicing Clause in Contracts

Monthly Advances by Countrywide Servicing. Not later than the close of business on the Business Day preceding each Remittance Date, Countrywide Servicing shall deposit in the Collection Account an amount equal to all payments not previously advanced by Countrywide Servicing, whether or not deferred pursuant to Section 3.01 of this Exhibit B, of principal (due after the Cut-off Date) and interest not allocable to the period prior to the Cut-off Date, adjusted to the Net Mortgage Rate, which were due on a Mortgage Loan and delinquent at the close of business on the related Determination Date. Countrywide Servicing’s obligation to make such advances as to any Mortgage Loan will continue through the earliest of: (i) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, (ii) the Remittance Date prior to the Remittance Date for the distribution of any Liquidation Proceeds, Other Insurance Proceeds or Condemnation Proceeds which, in the case of Other Insurance Proceeds and Condemnation Proceeds, satisfy in full the indebtedness of such Mortgage Loan, and (iii) the Remittance Date prior to the date on which cash is received in connection with the liquidation of REO Property. In no event shall Countrywide Servicing be obligated to make an advance under this Section 3.18 if at the time of such advance it deems such advance to be nonrecoverable. If Countrywide Servicing determines that an advance is nonrecoverable, Countrywide Servicing shall deliver to the Trustee an Officer’s Certificate of Countrywide Servicing to the effect that an officer of Countrywide Servicing has reviewed the related Mortgage File and has made the reasonable determination that any previous and any additional advances are nonrecoverable.

Monthly Advances by Countrywide Servicing. Not later than the close of business on the Business Day preceding each Remittance Date, Countrywide Servicing shall deposit in the Collection Account an amount equal to all payments not previously advanced by Countrywide Servicing, whether or not deferred pursuant to Section 3.01 of this Exhibit B3.01, of principal (due after the Cut-off Date) and interest not allocable to the period prior to the Cut-off Date, adjusted to the Net Mortgage Rate, which were due on a Mortgage Loan and delinquent at the close of business on the related Determination Date. Countrywide Servicing’s obligation to make such advances as to any Mortgage Loan will continue through the earliest of: (i) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, (ii) the Remittance Date prior to the Remittance Date for the distribution of any Liquidation Proceeds, Other Insurance Proceeds or Condemnation Proceeds which, in the case of Other Insurance Proceeds and Condemnation Proceeds, satisfy in full the indebtedness of such Mortgage Loan, and (iii) the Remittance Date prior to the date on which cash is received in connection with the liquidation of REO Property. In no event shall Countrywide Servicing be obligated to make an advance under this Section 3.18 3.19 if at the time of such advance it deems such advance to be nonrecoverable. If Countrywide Servicing determines that an advance is nonrecoverable, Countrywide Servicing shall deliver to the Trustee an Officer’s Certificate of Countrywide Servicing to the effect that an officer of Countrywide Servicing has reviewed the related Mortgage File and has made the reasonable determination that any previous and any additional advances are nonrecoverable.

Monthly Advances by Countrywide Servicing. Not later than the close of business on the Business Day preceding each Remittance Date, Countrywide Servicing shall deposit in the Collection Account an amount equal to all payments not previously advanced by Countrywide Servicing, whether or not deferred pursuant to Section 3.01 of this Exhibit B3.01, of principal (due after the Cut-off Date) and interest not allocable to the period prior to the Cut-off Date, adjusted to the Net Mortgage Rate, which were due on a Mortgage Loan and delinquent at the close of business on the related Determination Date. Countrywide Servicing’s 's obligation to make such advances as to any Mortgage Loan will continue through the earliest of: (i) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, (ii) the Remittance Date prior to the Remittance Date for the distribution of any Liquidation Proceeds, Other Insurance Proceeds or Condemnation Proceeds which, in the case of Other Insurance Proceeds and Condemnation Proceeds, satisfy in full the indebtedness of such Mortgage Loan, and (iii) the Remittance Date prior to the date on which cash is received in connection with the liquidation of REO Property. In no event shall Countrywide Servicing be obligated to make an advance under this Section 3.18 3.19 if at the time of such advance it deems such advance to be nonrecoverable. If Countrywide Servicing determines that an advance is nonrecoverable, Countrywide Servicing shall deliver to the Trustee an Officer’s 's Certificate of Countrywide Servicing to the effect that an officer of Countrywide Servicing has reviewed the related Mortgage File and has made the reasonable determination that any previous and any additional advances are nonrecoverable.