Monthly Advances by Master Servicer or Trustee. (a) Under the terms of each Servicing Agreement, on the Business Day prior to each Servicer Remittance Date, the related Servicer is obligated to make a Monthly Advance with respect to any delinquencies as of the related Distribution Date, unless such Servicer furnishes to the Master Servicer, an Officer’s Certificate evidencing the determination by such Servicer, in its reasonable judgment, that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan (a “Non-Recoverability Certificate”). If (i) a Servicer reports a delinquency on a Remittance Report, and (ii) such Servicer, by 11:00 a.m. (New York Time) on the related Distribution Date, neither makes a Monthly Advance nor provides the Securities Administrator and the Master Servicer or Trustee, as applicable, with a Non-Recoverability Certificate with respect to such delinquency, then subject to paragraph (b) below, the Master Servicer shall deposit, from its own funds, on the Master Servicer Remittance Date, the amount of such Monthly Advance not made by the Servicer into the Certificate Account for distribution to Certificateholders as provided in the Trust Agreement. If the Master Servicer fails to make a Monthly Advance as required by the preceding sentence, then the Securities Administrator shall notify the Trustee of such failure, and the Trustee (as successor to the Master Servicer pursuant to Section 8.06) shall deposit, from its own funds, on the Distribution Date, the amount of such Monthly Advance into the Certificate Account. Notwithstanding the foregoing, if either the Master Servicer or the Trustee (as successor to the Master Servicer pursuant to Section 8.06), in their reasonable judgment, determine that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan, then neither the Master Servicer nor the Trustee, as applicable, shall be obligated to make such Monthly Advance. (b) Each Servicer is obligated under the applicable Servicing Agreement to remit to the Master Servicer the required remittance on each Servicer Remittance Date. If (i) a Servicer fails to remit such remittance on any Servicer Remittance Date and (ii) such failure is not cured by 11 a.m. (New York Time) on the related Master Servicer Remittance Date, then, to the extent permitted by the related Servicing Agreement, the Master Servicer shall withdraw the amount of such required remittance from such Collection Account, to the extent that such amount is on deposit in such Collection Account, and shall deposit such amount in the Certificate Account. (c) All Monthly Advances (together with, in the case of the Master Servicer and the Trustee, interest thereon at a rate equal to the prevailing Prime Rate plus 2.0%) shall be reimbursable to the related Servicer, the Master Servicer or the Trustee, as the case may be, on a first priority basis from deposits to the Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly Advance has been made. The Master Servicer or the Trustee’s right to reimbursement as provided in this paragraph (c) shall not negate its obligation to continue to make Monthly Advances as provided in paragraph (a) of this Section 3.05. To the extent Monthly Advances are not recoverable as set forth in the first sentence of this paragraph (c), the Master Servicer or the Trustee, as the case may be, shall be entitled to recover such Monthly Advances as provided in Section 3.01(b). (d) To the extent that any Servicer is required to pay penalty interest pursuant to the related Servicing Agreement, and the Master Servicer or the Trustee makes any Monthly Advance, the Master Servicer or the Trustee, as applicable, in its individual capacity shall be entitled to retain such penalty interest.
Appears in 6 contracts
Samples: Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2007-5f), Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2007-2f), Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2007-Ar2)
Monthly Advances by Master Servicer or Trustee. (a) Under the terms of each Servicing Agreement, on the Business Day prior to each Servicer Remittance Date, the related Servicer is obligated to make a Monthly Advance with respect to any delinquencies as of the related Distribution Date, unless such Servicer furnishes to the Master Servicer, an Officer’s Certificate evidencing the determination by such Servicer, in its reasonable judgment, that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan (a “Non-Recoverability Certificate”). If (i) a Servicer reports a delinquency on a Remittance Report, and (ii) such Servicer, by 11:00 a.m. (New York Time) on the related Distribution Date, neither makes a Monthly Advance nor provides the Securities Administrator and the Master Servicer or Trustee, as applicable, with a Non-Recoverability Certificate with respect to such delinquency, then subject to paragraph (b) below, the Master Servicer shall deposit, from its own funds, on the Master Servicer Remittance Date, the amount of such Monthly Advance not made by the Servicer into the Certificate Account for distribution to Certificateholders as provided in the Trust Agreement. If the Master Servicer fails to make a Monthly Advance as required by the preceding sentence, then the Securities Administrator shall notify the Trustee of such failure, and the Trustee (as successor to the Master Servicer pursuant to Section 8.06) shall deposit, from its own funds, on the Distribution Date, the amount of such Monthly Advance into the Certificate Account. Notwithstanding the foregoing, if either the Master Servicer or the Trustee (as successor to the Master Servicer pursuant to Section 8.06)Trustee, in their reasonable judgment, determine that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan, then neither the Master Servicer nor the Trustee, as applicable, shall be obligated to make such Monthly Advance.
(b) Each Servicer is obligated under the applicable Servicing Agreement to remit to the Master Servicer the required remittance on each Servicer Remittance Date. If (i) a Servicer fails to remit such remittance on any Servicer Remittance Date and (ii) such failure is not cured by 11 a.m. (New York Time) on the related Master Servicer Remittance Date, then, to the extent permitted by the related Servicing Agreement, the Master Servicer shall withdraw the amount of such required remittance from such Collection Account, to the extent that such amount is on deposit in such Collection Account, and shall deposit such amount in the Certificate Account.
(c) All Monthly Advances (together with, in the case of the Master Servicer and the Trustee, interest thereon at a rate equal to the prevailing Prime Rate plus 2.0%) shall be reimbursable to the related Servicer, the Master Servicer or the Trustee, as the case may be, on a first priority basis from deposits to the Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly Advance has been made. The Master Servicer or the Trustee’s right to reimbursement as provided in this paragraph (c) shall not negate its obligation to continue to make Monthly Advances as provided in paragraph (a) of this Section 3.05. To the extent Monthly Advances are not recoverable as set forth in the first sentence of this paragraph (c), the Master Servicer or the Trustee, as the case may be, shall be entitled to recover such Monthly Advances as provided in Section 3.01(b).
(d) To the extent that any the Servicer is required to pay penalty interest pursuant to the related Servicing Agreement, and the Master Servicer or the Trustee makes any Monthly Advance, the Master Servicer or the Trustee, as applicable, in its individual capacity shall be entitled to retain such penalty interest.
Appears in 4 contracts
Samples: Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2006-8f), Master Servicing and Trust Agreement (GSR 2006-5f), Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2006-1f)
Monthly Advances by Master Servicer or Trustee. (a) Under the terms of each Servicing Agreement, on the Business Day prior to each Servicer Remittance Date, the related Servicer is obligated to make a Monthly Advance with respect to any delinquencies as of the related Distribution Date, unless such Servicer furnishes to the Master Servicer, Servicer an Officer’s Certificate evidencing the determination by such Servicer, in its reasonable judgment, that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise in accordance with the applicable Servicing Agreement with respect to such Mortgage Loan (a “Non-Recoverability Certificate”). If (i) a Servicer reports a delinquency on a Remittance Report, and (ii) such Servicer, by 11:00 11 a.m. (New York Time) on the related Distribution Date, neither makes a Monthly Advance nor provides the Securities Administrator and the Master Servicer or Trustee, as applicable, with a Non-Recoverability Certificate with respect to such delinquency, then subject to paragraph (b) below, the Master Servicer (or, if such Servicer is Xxxxx Fargo Bank, N.A., the Trustee as successor Servicer) shall deposit, from its own funds, funds on the Master Servicer Remittance Date, the amount of such Monthly Advance not made by the Servicer into the Certificate Account for distribution to Certificateholders as provided in the Trust Agreement. If the Master Servicer fails to make a Monthly Advance as required by the preceding sentence, then the Securities Administrator shall notify the Trustee of such failureTrustee, and the Trustee (solely in its capacity as successor to the Master Servicer pursuant to Section 8.06) , shall, on or before the related Distribution Date, shall deposit, from its own funds, on the Distribution Date, the amount of such Monthly Advance into the Certificate Account. Notwithstanding the foregoing, if either the Master Servicer (or the Trustee (acting as a successor to the Master Servicer pursuant to Section 8.06servicer or master servicer), in their its reasonable judgment, determine determines that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan, then neither the Master Servicer nor the Trustee, as applicable, shall be obligated to make such Monthly Advance. The Master Servicer shall not be responsible to make an Advance resulting from a Servicemembers Shortfall.
(b) Each Servicer is obligated under the applicable Servicing Agreement to remit to the Master Servicer the required remittance on each Servicer Remittance Date. If (i) a Servicer fails to remit such remittance on any Servicer Remittance Date Date, and (ii) such failure is not cured by 11 a.m. (New York Time) on the related Master Servicer Remittance Date, then, to the extent permitted by the related Servicing Agreement, the Master Servicer shall withdraw the amount of such required remittance from such Collection Account, to the extent that such amount is on deposit in such Collection Account, and shall deposit such amount in the Certificate Account.
(c) All Monthly Advances (together with, in the case of the Master Servicer and the Trustee, interest thereon at a rate equal to the prevailing Prime Rate plus 2.0%) shall be reimbursable to the related Servicer, the Master Servicer or the Trustee, as the case may be, on a first priority basis from deposits to the Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly Advance has been made. The Master Servicer or the Trustee’s right to reimbursement as provided in this paragraph (c) shall not negate its obligation to continue to make Monthly Advances as provided in paragraph (a) of this Section 3.05. To the extent Monthly Advances are not recoverable as set forth in the first sentence of this paragraph (c), the Master Servicer or the Trustee, as the case may be, shall be entitled to recover such Monthly Advances as provided in Section 3.01(b).
(d) To the extent that any a Servicer is required to pay penalty interest pursuant to the related Servicing Agreement, and the Master Servicer or the Trustee makes any Monthly Advance, the Master Servicer or the Trustee, as applicable, in its individual capacity shall be entitled to retain such penalty interest.
Appears in 3 contracts
Samples: Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2005-Ar2), Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2005-Ar7), Master Servicing and Trust Agreement (GSR 2006-Ar2)
Monthly Advances by Master Servicer or Trustee. (a) Under the terms of each Servicing Agreement, on the Business Day prior to each Servicer Remittance Date, the related Servicer is obligated to make a Monthly Advance with respect to any delinquencies as of the related Distribution Date, unless such Servicer furnishes to the Master Servicer, Servicer an Officer’s Certificate evidencing the determination by such Servicer, in its reasonable judgment, that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise in accordance with the applicable Servicing Agreement with respect to such Mortgage Loan (a “Non-Recoverability Certificate”). If (i) a Servicer reports a delinquency on a Remittance Report, and (ii) such Servicer, by 11:00 11 a.m. (New York Time) on the related Distribution Date, neither makes a Monthly Advance nor provides the Securities Administrator and the Master Servicer or Trustee, as applicable, with a Non-Recoverability Certificate with respect to such delinquency, then subject to paragraph (b) below, the Master Servicer (or, if such Servicer is Xxxxx Fargo Bank, N.A., the Trustee as successor Servicer) shall deposit, from its own funds, funds on the Master Servicer Remittance Date, the amount of such Monthly Advance not made by the Servicer into the Certificate Account for distribution to Certificateholders as provided in the Trust Agreement. If the Master Servicer fails to make a Monthly Advance as required by the preceding sentence, then the Securities Administrator shall notify the Trustee of such failureTrustee, and the Trustee (solely in its capacity as successor to the Master Servicer pursuant to Section 8.06) , shall, on or before the related Distribution Date, shall deposit, from its own funds, on the Distribution Date, the amount of such Monthly Advance into the Certificate Account. Notwithstanding the foregoing, if either the Master Servicer (or the Trustee (acting as a successor to the Master Servicer pursuant to Section 8.06servicer or master servicer), in their its reasonable judgment, determine determines that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan, then neither the Master Servicer nor the Trustee, as applicable, shall be obligated to make such Monthly Advance. The Master Servicer shall not be responsible to make an Advance resulting from a Servicemembers Shortfall.
(ba) Each Servicer is obligated under the applicable Servicing Agreement to remit to the Master Servicer the required remittance on each Servicer Remittance Date. If (i) a Servicer fails to remit such remittance on any Servicer Remittance Date Date, and (ii) such failure is not cured by 11 a.m. (New York Time) on the related Master Servicer Remittance Date, then, to the extent permitted by the related Servicing Agreement, the Master Servicer shall withdraw the amount of such required remittance from such Collection Account, to the extent that such amount is on deposit in such Collection Account, and shall deposit such amount in the Certificate Account.
(cb) All Monthly Advances (together with, in the case of the Master Servicer and the Trustee, interest thereon at a rate equal to the prevailing Prime Rate plus 2.0%) shall be reimbursable to the related Servicer, the Master Servicer or the Trustee, as the case may be, on a first priority basis from deposits to the Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly Advance has been made. The Master Servicer or the Trustee’s right to reimbursement as provided in this paragraph (c) shall not negate its obligation to continue to make Monthly Advances as provided in paragraph (a) of this Section 3.05. To the extent Monthly Advances are not recoverable as set forth in the first sentence of this paragraph (c), the Master Servicer or the Trustee, as the case may be, shall be entitled to recover such Monthly Advances as provided in Section 3.01(b).
(dc) To the extent that any a Servicer is required to pay penalty interest pursuant to the related Servicing Agreement, and the Master Servicer or the Trustee makes any Monthly Advance, the Master Servicer or the Trustee, as applicable, in its individual capacity shall be entitled to retain such penalty interest.
Appears in 3 contracts
Samples: Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2005-Ar3), Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2006-Ar1), Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2005-Ar1)
Monthly Advances by Master Servicer or Trustee. (a) Under the terms of each Servicing Agreement, on the Business Day prior to each Servicer Remittance Date, the related Servicer is obligated to make a Monthly Advance with respect to any delinquencies as of the related Distribution Date, unless such Servicer furnishes to the Master ServicerTrustee, an Officer’s Certificate evidencing the determination by such Servicer, in its reasonable judgment, that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds (including the proceeds of the applicable Federal Insurance) or otherwise with respect to such Mortgage Loan (a “Non-Recoverability Certificate”). If (i) a Servicer reports a delinquency on a Remittance Report, and (ii) such Servicer, by 11:00 11 a.m. (New York Time) on the related Distribution Date, neither makes a Monthly Advance nor provides the Securities Administrator Trustee and the Master Servicer or Trustee, as applicable, with a Non-Recoverability Certificate with respect to such delinquency, then subject to paragraph (b) below, the Master Servicer shall deposit, from its own funds, on the Master Servicer Remittance Date, the amount of such Monthly Advance not made by the Servicer into the Certificate Account for distribution to Certificateholders as provided in the Trust Agreement. If the Master Servicer fails to make a Monthly Advance as required by the preceding sentence, then the Securities Administrator shall notify the Trustee of such failure, and the Trustee (as successor to the Master Servicer pursuant to Section 8.06) shall deposit, from its own funds, on the Distribution Date, the amount of such Monthly Advance into the Certificate Account. Notwithstanding the foregoing, if either the Master Servicer or the Trustee (as successor to the Master Servicer pursuant to Section 8.06)Trustee, in their reasonable judgment, determine that such Monthly Advance would be non-non recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds (including the proceeds of the applicable Federal Insurance) or otherwise with respect to such Mortgage Loan, then neither the Master Servicer nor the Trustee, as applicable, shall be obligated to make such Monthly Advance.
(b) Each Servicer is obligated under the applicable Servicing Agreement to remit to the Master Servicer the required remittance on each Servicer Remittance Date. If (i) a Servicer fails to remit such remittance on any Servicer Remittance Date and (ii) such failure is not cured by 11 a.m. (New York Time) on the related Master Servicer Remittance Date, then, to the extent permitted by the related Servicing Agreement, the Master Servicer shall withdraw the amount of such required remittance from such Collection Account, to the extent that such amount is on deposit in such Collection Account, and shall deposit such amount in the Certificate Account.
(c) All Monthly Advances (together with, in the case of the Master Servicer and the Trustee, interest thereon at a rate equal to the prevailing Prime Rate plus 2.0%) shall be reimbursable to the related Servicer, the Master Servicer or the Trustee, as the case may be, on a first priority basis from deposits to the Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly Advance has been made. The Master Servicer or the Trustee’s right to reimbursement as provided in this paragraph (c) shall not negate its obligation to continue to make Monthly Advances as provided in paragraph (a) of this Section 3.05. To the extent Monthly Advances are not recoverable as set forth in the first sentence of this paragraph (c), the Master Servicer or the Trustee, as the case may be, shall be entitled to recover such Monthly Advances as provided in Section 3.01(b).
(d) To the extent that any the Servicer is required to pay penalty interest pursuant to the related Servicing Agreement, and the Trustee or the Master Servicer or the Trustee makes any Monthly Advance, the Master Servicer Trustee or the TrusteeMaster Servicer, as applicable, in its individual capacity shall be entitled to retain such penalty interest.
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (Gs Mortgage Securities Corp GSR Mort Loan Tr 2003-7f)
Monthly Advances by Master Servicer or Trustee. (a) Under the terms of each the Sale and Servicing Agreement, on the Business Day prior to each Servicer Remittance Date, the related Servicer is obligated to make a Monthly Advance with respect to any delinquencies as of the related Distribution Date, unless such Servicer furnishes to the Master Servicer, an Officer’s Certificate evidencing the determination by such Servicer, in its reasonable judgment, that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan (a “Non-Recoverability Certificate”). If (i) a the Servicer reports a delinquency on a Remittance Report, and (ii) such Servicer, by 11:00 a.m. (New York Time) on the related Distribution Date, neither makes a Monthly Advance nor provides the Securities Administrator and the Master Servicer or Trustee, as applicable, with a Non-Recoverability Certificate with respect to such delinquency, then subject to paragraph (b) below, the Master Servicer as successor servicer shall deposit, from its own funds, on the Master Servicer Remittance Date, the amount of such Monthly Advance not made by the Servicer into the Certificate Account for distribution to Certificateholders as provided in the Trust Agreement. If the Master Servicer fails to make a Monthly Advance as required by the preceding sentence, then the Securities Administrator shall notify the Trustee of such failure, and the Trustee (as successor to the Master Servicer pursuant to Section 8.06) shall deposit, from its own funds, on the Distribution Date, the amount of such Monthly Advance into the Certificate Account. Notwithstanding the foregoing, if either the Master Servicer or the Trustee (as successor to the Master Servicer pursuant to Section 8.06), in their reasonable judgment, determine that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan, then neither the Master Servicer nor the Trustee, as applicable, shall be obligated to make such Monthly Advance.
(b) Each The Servicer is obligated under the applicable Sale and Servicing Agreement to remit to the Master Servicer the required remittance on each Servicer Remittance Date. If (i) a the Servicer fails to remit such remittance on any Servicer Remittance Date and (ii) such failure is not cured by 11 a.m. (New York Time) on the related Master Servicer Remittance Date, then, to the extent permitted by the related Sale and Servicing Agreement, the Master Servicer shall withdraw the amount of such required remittance from such Collection Account, to the extent that such amount is on deposit in such Collection Account, and shall deposit such amount in the Certificate Account.
(c) All Monthly Advances (together with, in the case of the Master Servicer and the Trustee, interest thereon at a rate equal to the prevailing Prime Rate plus 2.0%) shall be reimbursable to the related Servicer, the Master Servicer or the Trustee, as the case may be, on a first priority basis from deposits to the Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly Advance has been made. The Master Servicer or the Trustee’s right to reimbursement as provided in this paragraph (c) shall not negate its obligation to continue to make Monthly Advances as provided in paragraph (a) of this Section 3.05. To the extent Monthly Advances are not recoverable as set forth in the first sentence of this paragraph (c), the Master Servicer or the Trustee, as the case may be, shall be entitled to recover such Monthly Advances as provided in Section 3.01(b).
(d) To the extent that any the Servicer is required to pay penalty interest pursuant to the related Sale and Servicing Agreement, and the Master Servicer or the Trustee makes any Monthly Advance, the Master Servicer or the Trustee, as applicable, in its individual capacity shall be entitled to retain such penalty interest.
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (STARM Mortgage Loan Trust 2007-4)
Monthly Advances by Master Servicer or Trustee. (a) Under the terms of each Servicing Agreement, on the Business Day prior to each Servicer Remittance Date, the related Servicer is obligated to make a Monthly Advance with respect to any delinquencies as of the related Distribution Date, unless such Servicer furnishes to the Master Servicer, an Officer’s Certificate evidencing the determination by such Servicer, in its reasonable judgment, that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan (a “Non-Recoverability Certificate”). If (i) a Servicer reports a delinquency on a Remittance Report, and (ii) such Servicer, by 11:00 a.m. (New York Time) on the related Distribution Date, neither makes a Monthly Advance nor provides the Securities Administrator and the Master Servicer or Trustee, as applicable, with a Non-Recoverability Certificate with respect to such delinquency, then subject to paragraph (b) below, the Master Servicer shall deposit, from its own funds, on the Master Servicer Remittance Date, the amount of such Monthly Advance not made by the Servicer into the Certificate Account for distribution to Certificateholders as provided in the Trust Agreement. If the Master Servicer fails to make a Monthly Advance as required by the preceding sentence, then the Securities Administrator shall notify the [Delaware] Trustee of such failure, and the [Delaware] Trustee (as successor to the Master Servicer pursuant to Section 8.06) shall deposit, from its own funds, on the Distribution Date, the amount of such Monthly Advance into the Certificate Account. Notwithstanding the foregoing, if either the Master Servicer or the Trustee (as successor to the Master Servicer pursuant to Section 8.06)[Delaware] Trustee, in their reasonable judgment, determine that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan, then neither the Master Servicer nor the [Delaware] Trustee, as applicable, shall be obligated to make such Monthly Advance.
(b) Each Servicer is obligated under the applicable Servicing Agreement to remit to the Master Servicer the required remittance on each Servicer Remittance Date. If (i) a Servicer fails to remit such remittance on any Servicer Remittance Date and (ii) such failure is not cured by 11 a.m. (New York Time) on the related Master Servicer Remittance Date, then, to the extent permitted by the related Servicing Agreement, the Master Servicer shall withdraw the amount of such required remittance from such Collection Account, to the extent that such amount is on deposit in such Collection Account, and shall deposit such amount in the Certificate Account.
(c) All Monthly Advances (together with, in the case of the Master Servicer and the [Delaware] Trustee, interest thereon at a rate equal to the prevailing Prime Rate plus 2.0%[2.0]%) shall be reimbursable to the related Servicer, the Master Servicer or the [Delaware] Trustee, as the case may be, on a first priority basis from deposits to the Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly Advance has been made. The Master Servicer or the [Delaware] Trustee’s right to reimbursement as provided in this paragraph (c) shall not negate its obligation to continue to make Monthly Advances as provided in paragraph (a) of this Section 3.05. To the extent Monthly Advances are not recoverable as set forth in the first sentence of this paragraph (c), the Master Servicer or the [Delaware] Trustee, as the case may be, shall be entitled to recover such Monthly Advances as provided in Section 3.01(b).
(d) To the extent that any the Servicer is required to pay penalty interest pursuant to the related Servicing Agreement, and the Master Servicer or the [Delaware] Trustee makes any Monthly Advance, the Master Servicer or the [Delaware] Trustee, as applicable, in its individual capacity shall be entitled to retain such penalty interest.
Appears in 1 contract
Monthly Advances by Master Servicer or Trustee. (a) Under the terms of each Servicing Agreement, on the Business Day prior to each Servicer Remittance Date, the related Servicer is obligated to make a Monthly Advance with respect to any delinquencies as of the related Distribution Date, unless such Servicer furnishes to the Master Servicer, Servicer an Officer’s Certificate evidencing the determination by such Servicer, in its reasonable judgment, that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise in accordance with the applicable Servicing Agreement with respect to such Mortgage Loan (a “Non-Recoverability Certificate”). If (i) a Servicer reports a delinquency on a Remittance Report, and (ii) such Servicer, by 11:00 11 a.m. (New York Time) on the related Distribution Date, neither makes a Monthly Advance nor provides the Securities Administrator and the Master Servicer or Trustee, as applicable, with a Non-Recoverability Certificate with respect to such delinquency, then subject to paragraph (b) below, the Master Servicer (or, if such Servicer is Xxxxx Fargo Bank, N.A., the Trustee as successor Servicer) shall deposit, from its own funds, funds on the Master Servicer Remittance Date, the amount of such Monthly Advance not made by the Servicer into the Certificate Account for distribution to Certificateholders as provided in the Trust Agreement. If the Master Servicer fails to make a Monthly Advance as required by the preceding sentence, then the Securities Administrator shall notify the Trustee of such failureTrustee, and the Trustee (solely in its capacity as successor to the Master Servicer pursuant to Section 8.06) , shall, on or before the related Distribution Date, shall deposit, from its own funds, on the Distribution Date, the amount of such Monthly Advance into the Certificate Account. Notwithstanding the foregoing, if either the Master Servicer (or the Trustee (acting as a successor to the Master Servicer pursuant to Section 8.06servicer or master servicer), in their its reasonable judgment, determine determines that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan, then neither the Master Servicer nor the Trustee, as applicable, shall be obligated to make such Monthly Advance.
(b) Each Servicer is obligated under the applicable Servicing Agreement to remit to the Master Servicer the required remittance on each Servicer Remittance Date. If (i) a Servicer fails to remit such remittance on any Servicer Remittance Date and (ii) such failure is not cured by 11 a.m. (New York Time) on the related Master Servicer Remittance Date, then, to the extent permitted by the related Servicing Agreement, the Master Servicer shall withdraw the amount of such required remittance from such Collection Account, to the extent that such amount is on deposit in such Collection Account, and shall deposit such amount in the Certificate Account.
(c) All Monthly Advances (together with, in the case of the Master Servicer and the Trustee, interest thereon at a rate equal to the prevailing Prime Rate plus 2.0%) shall be reimbursable to the related Servicer, the Master Servicer or the Trustee, as the case may be, on a first priority basis from deposits to the Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly Advance has been made. The Master Servicer or the Trustee’s right to reimbursement as provided in this paragraph (c) shall not negate its obligation to continue be responsible to make Monthly Advances as provided in paragraph (a) of this Section 3.05. To the extent Monthly Advances are not recoverable as set forth in the first sentence of this paragraph (c), the Master Servicer or the Trustee, as the case may be, shall be entitled to recover such Monthly Advances as provided in Section 3.01(b)an Advance resulting from a Servicemembers Shortfall.
(d) To the extent that any Servicer is required to pay penalty interest pursuant to the related Servicing Agreement, and the Master Servicer or the Trustee makes any Monthly Advance, the Master Servicer or the Trustee, as applicable, in its individual capacity shall be entitled to retain such penalty interest.
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2005-Ar4)
Monthly Advances by Master Servicer or Trustee. (a) Under the terms of each Servicing Agreement, on the Business Day prior to each Servicer Remittance Date, the related Servicer is obligated to make a Monthly Advance with respect to any delinquencies as of the related Distribution Date, unless such Servicer furnishes to the Master Servicer, Servicer an Officer’s Certificate evidencing the determination by such Servicer, in its reasonable judgment, that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise in accordance with the applicable Servicing Agreement with respect to such Mortgage Loan (a “Non-Recoverability Certificate”). If (i) a Servicer reports a delinquency on a Remittance Report, and (ii) such Servicer, by 11:00 11 a.m. (New York Time) on the related Distribution Date, neither makes a Monthly Advance nor provides the Securities Administrator and the Master Servicer or Trustee, as applicable, with a Non-Recoverability Certificate with respect to such delinquency, then subject to paragraph (b) below, the Master Servicer (or, if such Servicer is Xxxxx Fargo Bank, N.A., the Trustee as successor Servicer) shall deposit, from its own funds, funds on the Master Servicer Remittance Date, the amount of such Monthly Advance not made by the Servicer into the Certificate Account for distribution to Certificateholders as provided in the Trust Agreement. If the Master Servicer fails to make a Monthly Advance as required by the preceding sentence, then the Securities Administrator shall notify the Trustee of such failureTrustee, and the Trustee (solely in its capacity as successor to the Master Servicer pursuant to Section 8.06) , shall, on or before the related Distribution Date, shall deposit, from its own funds, on the Distribution Date, the amount of such Monthly Advance into the Certificate Account. Notwithstanding the foregoing, if either the Master Servicer (or the Trustee (acting as a successor to the Master Servicer pursuant to Section 8.06servicer or master servicer), in their its reasonable judgment, determine determines that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan, then neither the Master Servicer nor the Trustee, as applicable, shall be obligated to make such Monthly Advance.
(b) Each Servicer is obligated under the applicable Servicing Agreement to remit to the Master Servicer the required remittance on each Servicer Remittance Date. If (i) a Servicer fails to remit such remittance on any Servicer Remittance Date Date, and (ii) such failure is not cured by 11 a.m. (New York Time) on the related Master Servicer Remittance Date, then, to the extent permitted by the related Servicing Agreement, the Master Servicer shall withdraw the amount of such required remittance from such Collection Account, to the extent that such amount is on deposit in such Collection Account, and shall deposit such amount in the Certificate Account.
(c) All Monthly Advances (together with, in the case of the Master Servicer and the Trustee, interest thereon at a rate equal to the prevailing Prime Rate plus 2.0%) shall be reimbursable to the related Servicer, the Master Servicer or the Trustee, as the case may be, on a first priority basis from deposits to the Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly Advance has been made. The Master Servicer or the Trustee’s right to reimbursement as provided in this paragraph (c) shall not negate its obligation to continue to make Monthly Advances as provided in paragraph (a) of this Section 3.05. To the extent Monthly Advances are not recoverable as set forth in the first sentence of this paragraph (c), the Master Servicer or the Trustee, as the case may be, shall be entitled to recover such Monthly Advances as provided in Section 3.01(b).
(d) To the extent that any a Servicer is required to pay penalty interest pursuant to the related Servicing Agreement, and the Master Servicer or the Trustee makes any Monthly Advance, the Master Servicer or the Trustee, as applicable, in its individual capacity shall be entitled to retain such penalty interest.
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (GSR Mortgage Loan Trust 2004-14)