Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 35 contracts
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-8), Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5), Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Osi)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans; provided, however, the Servicer shall cease to make Monthly Advances when it deems such Monthly Advance advances to be non-recoverableNonrecoverable Advances. The Servicer may enter into a facility with any person which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, as evidenced although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person by the Servicer delivered in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Servicer; provided that neither the Master Servicer, the Trustee, the NIMS Insurer or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 32 contracts
Samples: Subservicing Agreement (Sasco 2006-Bc2), Subservicing Agreement (Structured Asset Investment Loan Trust 2005-7), Subservicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 3.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable, as evidenced by an Officer’s 's Certificate of the Servicer delivered to the Master Servicer.
Appears in 28 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Trust Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Trust Custodial Account on or before any future Remittance Date if funds in the Trust Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans; provided, however, the Servicer may cease to make Monthly Advances when it deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance. The Servicer may enter into a facility with any person which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, as evidenced although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person by the Servicer delivered in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Servicer; provided that neither the Master Servicer, the Trustee, the NIMS Insurer or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 26 contracts
Samples: Servicing Agreement (Sasco 2006-Bc2), Servicing Agreement (Structured Asset Investment Loan Trust 2005-7), Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerServicer and the NIMS Insurer.
Appears in 24 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Securitization Servicing Agreement (Structured Asset Inv Loan Mort Pass THR Certs Ser 2003-Bc6), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2003-Bc2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 3.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 24 contracts
Samples: Servicing Agreement (Greenpoint Mortgage Funding Trust 2007-Ar1), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-4), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-8)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 14 contracts
Samples: Servicing Agreement (Structured Asset Inv Loan Tr Mort Pass-THR Cert Ser 2004-1), Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans; provided, however, the Servicer shall cease to make Monthly Advances when it deems such Monthly Advance advances to be nonNon-recoverableRecoverable Advances. The Servicer may enter into a facility with any person which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, as evidenced although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person by the Servicer delivered in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Servicer; provided that neither the Master Servicer, the Trustee, the NIMS Insurer or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 13 contracts
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9), Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc7), Subservicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Determination Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments to the extent not allocable to the period prior to the Cut-off Date (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at delinquent as of the close of business on the immediately preceding Business Day prior to the related Determination DateDate or which were deferred pursuant to Section 3.1(c). Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through of the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 10 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-10f), Servicing Agreement (GSR Mortgage Loan Trust 2006-Oa1), Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Mortgage Interest Mortgage Loans, solely Rate minus the portion of the Monthly Payment attributable to interestapplicable Servicing Fee) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business delinquent on the Business Day immediately preceding Determination Datesuch Remittance Date or which were deferred pursuant to Section 4.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loansamounts. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loan; provided, that the Servicer deems such shall not be obligated to make Monthly Advance Advances which the Servicer determines to be non-recoverable, as evidenced by an Officer’s Certificate Nonrecoverable Advances. The Servicer shall not be obligated to advance shortfalls of interest resulting from the application of the Servicer delivered to the Master ServicerServicemembers’ Civil Relief Act or any similar state laws.
Appears in 10 contracts
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 3.01. Any amounts held for future distribution and so used shall be replaced by the Servicer Company by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Purchaser required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable, as evidenced by an Officer’s 's Certificate of the Servicer delivered to the Master ServicerOwner.
Appears in 10 contracts
Samples: Reconstituted Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Assignment and Assumption Agreement (Structured Asset Securities Corp), Assignment and Assumption Agreement (Structured Asset Securities Corp 2004-18h)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Securitized Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Securitized Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansSecuritized Loans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Securitized Loans. The Servicer may enter into a facility with any person including the Sub-Servicer which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer deems under Section 3.04 if such Monthly Advances or Servicing Advance to be non-recoverable, as evidenced were funded by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 10 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1), Servicing Agreement (Thornburg Mortgage Securities Trust 2004-2), Servicing Agreement (Thornburg Mortgage Securities Trust 2008-1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 4.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, REO Disposition Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 9 contracts
Samples: Assignment, Assumption and Recognition Agreement (Citigroup Mortgage Loan Trust 2007-2), Assignment, Assumption and Recognition Agreement (Citigroup Mortgage Loan Trust 2007-10), Acknowledgment Agreement (Citigroup Mortgage Loan Trust 2006-Ar7)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Securitized Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s 's right to (i) pass through late collections on the related Mortgage Securitized Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansSecuritized Loans or (iii) utilize an Advancing Person (as defined below). The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. The Servicer, with the consent of the NIMs Insurer, may enter into a facility with any person including the Sub-Servicer which provides that such person (an "Advancing Person") may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer's obligation to fund such Monthly Advance to be non-recoverable, as evidenced Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer delivered to under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Master Servicer.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Homestar Mortgage Acceptance Corp Asset-Backed Pass-Through Certificates, Series 2004-4), Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-2.), Pooling and Servicing Agreement (Homestar Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2004-6)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loan. Notwithstanding anything to the contrary contained herein, the Servicer deems shall not be required to advance any interest shortfalls to the extent such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate amounts result from the application of the Servicer delivered to the Master ServicerRelief Act.
Appears in 8 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-7), Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc2), Securitization Servicing Agreement (Fremont Home Loan Trust 2004-3)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest, in the case of Simple Interest Mortgage Loans) (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerServicer and the NIMS Insurer.
Appears in 8 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-9), Securitization Servicing Agreement (Amortizing Residential Collateral Trust, Series 2004-1), Securitization Servicing Agreement (Structured Asset Investment Loan Trust Series 2004-11)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Determination Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments to the extent not allocable to the period prior to the Cut-off Date (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at delinquent as of the close of business on the immediately preceding Business Day prior to the related Determination DateDate or which were deferred pursuant to Section 3.1(c). Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the earlier of: (i) the last Remittance Remit-tance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; and (ii) the Remittance Date prior to the date the Mortgage Loan unless is converted to REO Property, provided however, that if requested by a Rating Agency in connection with Pass-Through Transfer, the Servicer deems shall be obligated to make such Monthly Advance advances through the Remittance Date prior to be the date on which cash is received in connection with the liquidation of REO Property; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan are non-recoverable by the Servicer from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particu-lar Mortgage Loan. In the event that the Servicer determines that any such advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 8 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-Oa1), Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2), Servicing Agreement (GSR Mortgage Loan Trust 2006-7f)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Securitized Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s 's right to (i) pass through late collections on the related Mortgage Securitized Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansSecuritized Loans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Securitized Loans. The Servicer may enter into a facility with any person including the Sub-Servicer which provides that such person (an "Advancing Person") may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer's obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer deems under Section 3.04 if such Monthly Advances or Servicing Advance to be non-recoverable, as evidenced were funded by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 7 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2007-2), Servicing Agreement (Thornburg Mortgage Sec Tr 2002-1 MRT Ln Ps THR CRT Sr 2002-1), Servicing Agreement (Greenwich Capital Acceptance Inc)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Determination Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments to the extent not allocable to the period prior to the Cut-off Date (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at delinquent as of the close of business on the immediately preceding Business Day prior to the related Determination DateDate or which were deferred pursuant to Section 3.1(c). Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the earlier of: (i) the last Remittance Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; and (ii) the Remittance Date prior to the date the Mortgage Loan unless is converted to REO Property, provided however, that if requested by a Rating Agency in connection with Pass-Through Transfer, the Servicer deems shall be obligated to make such Monthly Advance advances through the Remittance Date prior to be the date on which cash is received in connection with the liquidation of REO Property; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan are non-recoverable by the Servicer from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 7 contracts
Samples: Servicing Agreement (GSR 2006-5f), Servicing Agreement (GSR Mortgage Loan Trust 2006-6f), Servicing Agreement (GSR Mortgage Loan Trust 2006-Ar1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Determination Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments to the extent not allocable to the period prior to the Cut-off Date (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at delinquent as of the close of business on the immediately preceding Business Day prior to the related Determination DateDate or which were deferred pursuant to Section 3.1(c). Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the earlier of: (i) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; and (ii) the Remittance Date prior to the date the Mortgage Loan unless is converted to REO Property, provided however, that if requested by a Rating Agency in connection with Pass-Through Transfer, the Servicer deems shall be obligated to make such Monthly Advance advances through the Remittance Date prior to be the date on which cash is received in connection with the liquidation of REO Property; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan are non-recoverable by the Servicer from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 6 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-8f), Servicing Agreement (GSAA Home Equity Trust 2006-3), Servicing Agreement (GSAA Home Equity Trust 2005-4)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest, in the case of Simple Interest Mortgage Loans) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 5 contracts
Samples: Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1), Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel2), Servicing Agreement (Structured Asset Securities Corp 2006-S1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, no later than 3:00 p.m. New York City Time, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans; provided, however, the Servicer shall cease to make Monthly Advances when it deems such Monthly Advance advances to be non-recoverableNonrecoverable Advances. The Servicer may enter into a facility with any person which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, as evidenced although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person by the Servicer delivered in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Servicer; provided that neither the Master Servicer, the Trustee, the NIMS Insurer or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 5 contracts
Samples: Subservicing Agreement (BNC Mortgage Loan Trust 2007-1), Subservicing Agreement (BNC Mortgage Loan Trust 2006-1), Subservicing Agreement (BNC Mortgage Loan Trust 2006-2)
Monthly Advances by Servicer. On No later than the Business Day immediately preceding each Remittance close of business on the Determination Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 4.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that the Servicer shall not make Monthly Advances or Servicing Advances if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, REO Disposition Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 5 contracts
Samples: Servicing Agreement (Banc of America Funding 2006-5 Trust), Servicing Agreement (Banc of America Funding 2006-8t2 Trust), Servicing Agreement (Banc of America Funding 2007-4 Trust)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Determination Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments to the extent not allocable to the period prior to the Cut-off Date (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at delinquent as of the close of business on the immediately preceding Business Day prior to the related Determination DateDate or which were deferred pursuant to Section 3.1(c). Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Notwithstanding the foregoing, the Servicer shall keep appropriate records of such not be permitted to make any advances from amounts held for future distribution, and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement instead shall be construed as limiting required to make all advances from its own funds, unless the Servicer’s right to (i) pass through late collections on , its parent, or their respective successors hereunder shall have a long term credit rating of at least "A" by Fitch, Inc., or the related Mortgage Loans in lieu equivalent rating of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loansanother Rating Agency. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through of the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 5 contracts
Samples: Servicing Agreement (GS Mortgage GSAA Home Eq. Trust 2004-7), Servicing Agreement (GSAA Home Equity Trust 2005-4), Servicing Agreement (Gsaa Home Equity Trust 2004-8)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 3.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable; provided that, as if requested by the Master Servicer, such determination that a Monthly Advance is unrecoverable shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer. Notwithstanding anything in this Section to the contrary, the Servicer’s obligation to make Monthly Advances on the Mortgage Loans in the aggregate for a Remittance Date shall be reduced by any Capitalization Reimbursement Amounts reimbursed to the Servicer during the related Due Period.
Appears in 4 contracts
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2008-1), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2008-2), Servicing Agreement (Lehman XS Trust Series 2007-20n)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Securitized Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Securitized Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansSecuritized Loans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Securitized Loans. The Servicer may enter into a facility with any person including the Sub-Servicer which provides that such person (an "Advancing Person") may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer deems under Section 3.04 if such Monthly Advances or Servicing Advance to be non-recoverable, as evidenced were funded by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 4 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Thorn Mort Sec Tr 2003-3), Servicing Agreement (Structured Asset Sec Corp Thornburg Mort Sec Trust 2003 6), Servicing Agreement (Greenwich Capital Acceptance Thornburg Sec Tr 2003-4)
Monthly Advances by Servicer. On the Business Day immediately preceding Not later than one (1) day prior to each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments payments not previously advanced by Servicer, whether or not deferred pursuant to Section 6.1, of principal (in due after the case of Simple Interest Cut-off Date) and interest not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage LoansLoan Remittance Rate, solely the portion of the Monthly Payment attributable to interest) which were due on the a Mortgage Loans during the applicable Due Period Loan and which were Delinquent at delinquent as of the close of business on the immediately preceding Business Day prior to the related Determination Date. Any Notwithstanding anything to the contrary herein, Servicer may use amounts held for future distribution and so used shall be replaced by the Servicer by on deposit in the Custodial Account on or before for future distribution to the Seller to satisfy its obligation, if any, to deposit delinquent amounts pursuant to the preceding sentence. To the extent Servicer uses any funds being held for future distribution to the Seller to satisfy its obligations under this Section 6.3, Servicer shall deposit in the Custodial Account an amount equal to such used funds no later than the Determination Date prior to the following Remittance Date if to the extent that funds in the Custodial Account on such Remittance Date shall be are less than remittances the amounts to be remitted to the Master Servicer required Seller pursuant to be made on such Remittance DateSection 6.1. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances advances as to any Mortgage Loan will continue through the earliest of: (a) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through ; (b) the last Remittance Date prior to the Remittance Date for the distribution of all any Liquidation Proceeds, Other Insurance Proceeds and other payments or recoveries (including Condemnation Proceeds which, in the case of Other Insurance Proceeds and Condemnation Proceeds, satisfy in full the indebtedness of such Mortgage Loan; or (c) a Final Recovery Determination in connection with respect any REO Property. In no event shall Servicer be obligated to make an advance under this Section 6.3 if at the related Mortgage Loan unless the Servicer deems time of such Monthly Advance to advance it reasonably determines that such advance will be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicerunrecoverable.
Appears in 4 contracts
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2007-Nc1), Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2006-He2), Assignment, Assumption and Recognition Agreement (HASCO Trust 2007-He2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Securitized Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Securitized Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansSecuritized Loans or (iii) utilize an Advancing Person (as defined below). The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Securitized Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Securitized Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Securitized Loan; provided, however, that such obligation shall cease if the Servicer deems determines, in its sole reasonable opinion in accordance with Accepted Servicing Practices, that advances with respect to such Monthly Advance to be Securitized Loan are non-recoverable, as evidenced recoverable by an Officer’s Certificate of the Servicer delivered from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to the Master Servicera particular Securitized Loan.
Appears in 3 contracts
Samples: Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Servicing Agreement (MASTR Alternative Loan Trust 2006-1), Servicing Agreement (MASTR Asset Securitization Trust 2006-3)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans; provided, however, the Servicer may cease to make Monthly Advances when it deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance. The Servicer may enter into a facility with any person which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, as evidenced although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person by the Servicer delivered in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Servicer; provided that neither the Master Servicer, the Trustee, the NIMS Insurer or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004-S1), Servicing Agreement (Structured Asset Securities Corp 2005-S1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on Date or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances which were deferred pursuant to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansSection 3.01. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable; provided that, as if requested by the Master Servicer, such determination that a Monthly Advance is unrecoverable shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer. Notwithstanding anything in this Section 4.03 to the contrary, the Servicer’s obligation to make Monthly Advances on the Mortgage Loans in the aggregate for a Remittance Date shall be reduced by any Capitalization Reimbursement Amounts reimbursed to the Servicer during the related Due Period.
Appears in 3 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2007-10), Servicing Agreement (Lehman Mortgage Trust 2008-6), Special Servicing Agreement (Lehman Mortgage Trust 2008-2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s 's right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s 's Certificate of the Servicer delivered to the Master Servicer.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Monthly Advances by Servicer. On Not later than the Business Day immediately close of business on the Determination Date preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments payments not previously advanced by Servicer, whether or not deferred pursuant to Section 6.1, of principal (in due after the case of Simple Interest Cut-off Date) and interest not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage LoansLoan Remittance Rate, solely the portion of the Monthly Payment attributable to interest) which were due on the a Mortgage Loans during the applicable Due Period Loan and which were Delinquent at delinquent as of the close of business on the immediately preceding Business Day prior to the related Determination Date. Any amounts held for future distribution and so used ; provided, however, Servicer shall not be replaced by the required nor shall Servicer by deposit in the Custodial Account any shortfalls in a Monthly Payment due to a Mortgagor’s entitlement to relief under the Servicemembers Civil Relief Act. Notwithstanding anything to the contrary herein, Servicer may use amounts on or before deposit in the Custodial Account for future distribution to the Seller to satisfy its obligation, if any, to deposit delinquent amounts pursuant to the preceding sentence. To the extent Servicer uses any funds being held for future distribution to the Seller to satisfy its obligations under this Section 6.3, Servicer shall deposit in the Custodial Account an amount equal to such used funds no later than the Determination Date prior to the following Remittance Date if to the extent that funds in the Custodial Account on such Remittance Date shall be are less than remittances the amounts to be remitted to the Master Servicer required Seller pursuant to be made on such Remittance DateSection 6.1. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances advances as to any Mortgage Loan will continue through the earliest of: (a) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, ; or through (b) the last Remittance Date prior to the Remittance Date for the distribution of all any Liquidation Proceeds, Other Insurance Proceeds and other payments or recoveries (including Condemnation Proceeds which, in the case of Other Insurance Proceeds and Condemnation Proceeds, satisfy in full the indebtedness of such Mortgage Loan; or (c) with respect the end of the Due Period following REO Disposition. In no event shall Servicer be obligated to make an advance under this Section 6.3 if at the related Mortgage Loan unless the time of such advance it reasonably determines that such advance will be a Nonrecoverable Advance. The determination by Servicer deems such that it has made a Nonrecoverable Advance or that any proposed Monthly Advance to would constitute a Nonrecoverable Advance shall be non-recoverable, as evidenced by an Officer’s Officers’ Certificate of the Servicer Servicer, delivered to the Master ServicerSeller which details the reasons for such determination.
Appears in 3 contracts
Samples: Mortgage Loan Servicing Rights Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar2), Mortgage Loan Servicing Rights Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3), Mortgage Loan Servicing Rights Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 3.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-9xs), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-11xs), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-16xs)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loan. The Servicer shall have no obligation to make any Monthly Advances if the Servicer deems determines that such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerAdvances are or would constitute Nonrecoverable Advances.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1), Securitization Servicing Agreement (Aames Mortgage Tr Mort Pas Thru Cert Sers 2003-1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Securitized Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Securitized Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansSecuritized Loans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. The Servicer, with the consent of the NIMs Insurer, may enter into a facility with any person including the Sub-Servicer which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advance to be non-recoverable, as evidenced Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer delivered to under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Master Servicer.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-4), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2005-5), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, Series 2005-3)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or a combination of both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Collection Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loan. Notwithstanding the foregoing, if the Subservicer fails to make any monthly Advance required to be made by this Section 4.03 with respect to any Remittance Date, then the Servicer deems (acting in accordance with the first paragraph of Section 3.01) shall be obligated to make such Monthly Advance Advance, subject to be non-recoverable, as evidenced by an Officer’s Certificate its determination of the Servicer delivered to the Master Servicerrecoverability of such Monthly Advance.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Fieldstone Mortgage Investment CORP), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment Payments attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer Indenture Trustee upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 2 contracts
Samples: Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2), Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans (other than Charged-off Loans) during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans; provided, however, the Servicer may cease to make Monthly Advances when it deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance. The Servicer may enter into a facility with any person which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, as evidenced although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person by the Servicer delivered in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Servicer; provided that none of the Master Servicer, the Trustee, the NIMS Insurer or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp 2005-S4), Servicing Agreement (Structured Asset Securities Corp 2005-S5)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 4.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the earlier of: (i) the last Monthly Payment due prior to the payment in full of the Mortgage LoanLoan or (ii) the Remittance Date prior to the date the Mortgage Loan is converted to REO Property, or provided however, that if requested in connection with a securitization, the Servicer shall be obligated to make such advances through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, REO Disposition Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 2 contracts
Samples: Trust Agreement (GSAA Home Equity Trust 2006-13), Pooling and Servicing Agreement (Gs-FFMLT 2006-Ff13)
Monthly Advances by Servicer. (a) On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (on the interest portion thereof in the case of Simple Interest Mortgage Loans, solely ) (with interest adjusted to the portion of the Monthly Payment attributable to interestMortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerServicer and the NIMS Insurer.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004-S1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon reasonable request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Wells Fargo Home Equity Trust Mort Pass Thru Cert Ser 2004-1), Securitization Servicing Agreement (Wells Fargo Home Equity Trust Mort Pass Thru Cert Ser 2004-1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in deliver to the Custodial Account Master Servicer from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately Determination Date or which were deferred pursuant to Section 5.01. For purposes of the preceding Determination Datesentence, the Monthly Payment on each Balloon Mortgage Loan with a delinquent Balloon Payment is equal to the assumed monthly payment that would have been due on the related Due Date based on the original principal amortization schedule for such Balloon Mortgage Loan. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation obligated to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or advances through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that Advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, REO Disposition Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be Advances are non-recoverable, as evidenced by the Servicer shall provide the Owner with an Officer’s Officers’ Certificate evidencing such determination. The Servicer shall not be obligated to advance shortfalls of interest resulting from the Application of the Servicer delivered to the Master ServicerService members’ Civil Relief Act or any similar state laws or bankruptcy.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3), Assignment, Assumption and Recognition Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest, in the case of Simple Interest Mortgage Loans) (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3), Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments to the extent not allocable to the period prior to the Cut-off Date (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at delinquent or deferred as of the close of business on the immediately preceding Business Day prior to the related Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through of the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate officer of the Servicer delivered to the Master Servicerevidencing such determination."
Appears in 2 contracts
Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-5), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-8)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Distribution Date, the Servicer shall deposit in the Custodial Collection Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Collection Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Collection Account on or before any future Remittance Distribution Date if funds in the Custodial Collection Account on such Remittance Distribution Date shall be less than remittances to the Master Servicer required to be made on such Remittance Distribution Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Guarantor and the Master Servicer and the NIMS Insurer upon request. No provision The Guarantor, in this Agreement its reasonable judgment, shall have the right to require the Servicer to remit from its own funds to the Collection Account an amount equal to all Monthly Advances previously made out of funds held in the Collection Account and not previously reimbursed from collections on the Mortgage Loans, and in such event, the Servicer shall thereafter remit all Monthly Advances from its own funds. In no event shall the preceding sentence be construed as limiting the Servicer’s 's right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds insurance proceeds and Condemnation Proceedscondemnation proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerLoans.
Appears in 2 contracts
Samples: Reconstituted Servicing Agreement (Structured Asset Securities Corp Mo Pa Th Ce Se 2000-Bc2), Reconstituted Servicing Agreement (Amortizing Resi Collateral Tr Mor Pas Thru Cert Ser 2000-Bc3)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.. ARTICLE V.
Appears in 1 contract
Samples: Servicing Agreement (Sasco 2006-Bc4)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Securitized Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. For purposes of the preceding sentence, the Monthly Payment on each Balloon Securitized Loan with a delinquent Balloon Payment is equal to the assumed monthly payment that would have been due on the related Due Date based on the original principal amortization schedule for the such Balloon Securitized Loan. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Securitized Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansSecuritized Loans or (iii) utilize an Advancing Person (as defined below). The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. The Servicer, with the consent of the NIMs Insurer, may enter into a facility with any person including the Subservicer which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advance to be non-recoverable, as evidenced Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer delivered to under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance CORP Trust 2006-2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on Date or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances which were deferred pursuant to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansSection 3.01. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable, as evidenced by an Officer’s 's Certificate of the Servicer delivered to the Master ServicerOwner. With respect to any Mortgage Loan that has not at any time been subject to a Reconstitution Agreement and is owned by Lehman Capital as of the date of liquidation thereof, Lehman Capitax xxxxl reimburse the Servicer for any Monthly Advancex xxxx remain unreimbursed to the Servicer after giving effect to the final liquidation of such Mortgage Loan and any permissible reimbursement to the Servicer under Section 3.05. Any such reimbursement shall be made by Lehman Capital to the Servicer within thirty (30) days of Lehman Caxxxxx's receipt of a detailed invoice therefor. In no evenx xxxxl the Servicer be entitled to withdrawe any such reimbursement from funds in the Custodial Account.
Appears in 1 contract
Samples: Reconstituted Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Ce Se 2001-Bc3)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, commencing with the Remittance Date in March 2003, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision The Servicer shall not be required to make any Monthly Advance that would be a Nonrecoverable Advance or any advance due to any reduction in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections amount of interest collected on the related Mortgage Loans in lieu Loan as a result of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loansapplication of the Soldiers’ and Sailors’ Civil Relief Act of 1940, as amended. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerLoan.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 3.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable; provided that, as if requested by the Master Servicer, such determination that a Monthly Advance is unrecoverable shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-10)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans. The Servicer may enter into a facility with any person which provides that such person (an "Advancing Person") may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Advancing Person shall be reimbursed to the Advancing Person by the Servicer deems in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance to be non-recoverable, as evidenced were funded by an Officer’s Certificate of the Servicer delivered to Servicer; provided that neither the Master Servicer, the Trustee, the NIMS Insurer or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Securities Corp)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 1 contract
Samples: Servicing Agreement (Sasco 2006-S4)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, commencing with the Remittance Date in March 2003, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all the required Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Advances for such Remittance Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. The Servicer shall not be required to make any Monthly Advance that would be a Nonrecoverable Advance or any advance due to any reduction in the amount of interest collected on the related Mortgage Loan as a result of the application of the Soldiers’ and Sailors’ Civil Relief Act of 1940, as amended. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerLoan.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 3.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.. ARTICLE V. GENERAL SERVICING PROCEDURES
Appears in 1 contract
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-6)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account remit from its own funds or from amounts held for future distribution, or both, distribution an amount equal to the interest portion of all Monthly Payments that were (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interesti) which were due on the Mortgage Loans Receivables during the applicable Due Collection Period and which that were Delinquent delinquent at the close of business on the last day of the Collection Period immediately preceding Determination Datesuch Remittance Date or (ii) not due during the applicable Collection Period because payment in the Collection Period was deferred by the Servicer (including for this purpose, any extension made in connection with a pass-a-payment coupon). Any amounts held for future distribution and so used in the manner provided in the preceding sentence shall be replaced reimbursed by the Servicer by deposit in the Custodial Account on or before any future Remittance Date Date, if funds in the Custodial Account available on such Remittance Date shall be less than remittances to the Master Servicer payments required to be made to the Purchaser on such Remittance Date. The Notwithstanding the foregoing, the Servicer shall keep appropriate records of such not be permitted to make any Monthly Advances pursuant to this Section 5.03 from amounts held for future distribution, and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement instead shall be construed as limiting the Servicer’s right required to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such make all Monthly Advances from late collections on its own funds, unless the related Mortgage LoansServicer shall have a long-term credit rating of at least "A" by Standard & Poor's and "A2" by Moody's. The Servicer’s 's obligation to make such Monthly Advances as to xx xx any Mortgage Loan will Receivable shall continue through the earlier to occur of (i) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, Receivable or through (ii) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Receivable; provided, however, that if requested by a Rating Agency in connection with Pass-Through Transfer, the Servicer deems shall be obligated to make such Monthly Advance Advances through the Remittance Date prior to be the date on which cash is received in connection with the liquidation of the related Financed Vehicle; provided, further, however, that the obligation to pay Monthly Advances shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Receivable are non-recoverable, as evidenced recoverable by an Officer’s Certificate of the Servicer delivered from Liquidation Proceeds or otherwise from amounts allocable to the Master Servicerinterest with respect to a particular Receivable.
Appears in 1 contract
Samples: Purchase and Servicing Agreement (Goldman Sachs Asset Backed Securities Corp)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Distribution Date, the Servicer shall deposit in the Custodial Collection Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Collection Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Collection Account on or before any future Remittance Distribution Date if funds in the Custodial Collection Account on such Remittance Distribution Date shall be less than remittances to the Master Servicer required to be made on such Remittance Distribution Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Guarantor and the Master Servicer and the NIMS Insurer upon request. No provision The Guarantor, in this Agreement its reasonable judgment, shall have the right to require the Servicer to remit from its own funds to the Collection Account an amount equal to all Monthly Advances previously made out of funds held in the Collection Account and not previously reimbursed from collections on the Mortgage Loans, and in such event, the Servicer shall thereafter remit all Monthly Advances from its own funds. In no event shall the preceding sentence be construed as limiting the Servicer’s 's right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds insurance proceeds and Condemnation Proceedscondemnation proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerLoans.
Appears in 1 contract
Samples: Reconstituted Servicing Agreement (Structured Asset Securities Corp Mo Pa Th Ce Se 2000-Bc2)
Monthly Advances by Servicer. (a) On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest, in the case of Simple Interest Mortgage Loans) (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerServicer and the NIMS Insurer.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp 2005-S1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s 's Certificate of the Servicer delivered to the Master ServicerServicer and the NIMS Insurer.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Trust Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Trust Custodial Account on or before any future Remittance Date if funds in the Trust Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerServicer and the NIMS Insurer.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Ff3)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision The Servicer shall not be required to make any Monthly Advance that would be a Nonrecoverable Advance or any advance due to any reduction in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections amount of interest collected on the related Mortgage Loans in lieu Loan as a result of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loansapplication of the Soldiers’ and Sailors’ Civil Relief Act of 1940, as amended. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerLoan.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 3.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable, as evidenced by an Officer’s 's Certificate of the Servicer delivered to the Master Servicer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest, in the case of Simple Interest Mortgage Loans) (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision The Servicer will not be required to make any Advances with respect to reductions in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections amount of the monthly payments on the related Mortgage Loans due to reductions made by a bankruptcy court in lieu the amount of making Monthly Advances a Scheduled Payment owed by a borrower or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loansa Relief Act Reduction. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerServicer and the NIMS Insurer.
Appears in 1 contract
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Securitized Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. For purposes of the preceding sentence, the Monthly Payment on each Balloon Securitized Loan with a delinquent Balloon Payment is equal to the assumed monthly payment that would have been due on the related Due Date based on the original principal amortization schedule for the such Balloon Securitized Loan. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Securitized Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansSecuritized Loans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. The Servicer may enter into a facility with any person including the Sub-Servicer which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advance to be non-recoverable, as evidenced Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer delivered to under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Master Servicer.
Appears in 1 contract
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the interest portion of the Monthly Payment attributable Payments (with interest adjusted to interestthe Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loan. The Servicer shall have no obligation to make any Monthly Advances if the Servicer deems determines that such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.Advances are or would constitute Nonrecoverable Advances. Section 4.04. [Reserved]
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable; provided that, as if requested by the Master Servicer, such determination that a Monthly Advance is unrecoverable shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer. Notwithstanding anything in this Section 4.03 to the contrary, the Servicer’s obligation to make Monthly Advances on the Mortgage Loans in the aggregate for a Remittance Date shall be reduced by any Capitalization Reimbursement Amounts reimbursed to the Servicer during the related Due Period.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc4)
Monthly Advances by Servicer. On No later than the close of business on the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding related Determination DateDate or which were deferred pursuant to Section 4.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Purchaser required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the earlier of: (i) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; and (ii) the Remittance Date prior to the date the Mortgage Loan unless is converted to REO Property, provided however, that if requested by a Rating Agency in connection with a securitization, the Servicer deems shall be obligated to make such Monthly Advance advances through the Remittance Date prior to be the date on which cash is received in connection with the liquidation of REO Property; provided, however, that any such obligation under this Section 5.03 shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan are non-recoverable by the Servicer from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such advances are non-recoverable, as evidenced the Servicer shall provide the Purchaser with a certificate signed by an Officer’s Certificate one officer of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 1 contract
Samples: Master Bulk Sale and Servicing Agreement (Banc of America Funding Corp)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 4.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the earlier of: (i) the last Monthly Payment due prior to the payment in full of the Mortgage LoanLoan or (ii) the Remittance Date prior to the date the Mortgage Loan is converted to REO Property, or provided however, that if requested in connection with a securitization, the Servicer shall be obligated to make such advances through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, REO Disposition Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 1 contract
Samples: Servicing Agreement (Luminent Mortgage Trust 2007-2)
Monthly Advances by Servicer. On No later than the Business Day immediately preceding each close of business on the Servicer Remittance Date, the Servicer shall deposit in the Custodial Account either (i) from its own funds or funds, (ii) from amounts held for future distribution, or both, an amount equal to all Monthly Payments (iii) in the case form of Simple Interest Mortgage Loans, solely any combination of (i) and (ii) aggregating to a total amount of Advances to be made by the portion of the Monthly Payment attributable Servicer with respect to interest) which were due on the Mortgage Loans during and REO Properties. In addition, the applicable Due Period and which were Delinquent at Servicer shall have the close of business on right to reimburse itself for any such Monthly Advances from amounts held in the immediately preceding Determination DateCustodial Account in accordance with Section 4.6 from time to time to the extent such amounts are not then required to be distributed. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Servicer Remittance Date if funds in the Custodial Account on such Servicer Remittance Date shall be less than remittances payments to the Master Servicer Trustee required to be made on such Servicer Remittance Date. The In addition, the Servicer shall keep appropriate records of such may reimburse itself from any amounts and will provide such records to in the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Custodial Account for any prior Monthly Advances or (ii) reimburse itself for such Monthly Servicing Advances from late collections on that were not reimbursed at the related time a Mortgage LoansLoan was modified. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Scheduled Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the earlier of: (a) the last Servicer Remittance Date prior to the Servicer Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; and (b) the Servicer Remittance Date prior to the date the Mortgage Loan unless is converted to REO Property; provided, however, that any such obligation under this Section 7.4 shall cease if the Servicer deems determines, in its sole reasonable opinion, that advances with respect to such Monthly Advance Mortgage Loan are non-recoverable by the Servicer from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to be a particular Mortgage Loan. The Servicer will only advance the interest portion on REO Properties. In the event that the Servicer determines that any such advances are non-recoverable, as evidenced by the Servicer shall provide the Trustee with an Officer’s Certificate evidencing such determination. No Monthly Advances are required to be made with respect to reductions in the amount of monthly payments on the Mortgage Loans resulting from reductions made by a bankruptcy court in the amount of a Scheduled Monthly Payment owed by a Mortgagor or reductions of the Servicer delivered to applicable Mortgage Rate by application of the Master ServicerRelief Act or similar laws.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First NLC Trust 2005-2)
Monthly Advances by Servicer. (m) On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments to the extent not allocable to the period prior to the Cut-off Date (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at delinquent or deferred as of the close of business on the immediately preceding Business Day prior to the related Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through of the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate officer of the Servicer delivered to the Master Servicerevidencing such determination."
Appears in 1 contract
Samples: Servicing Agreement (GSAA Home Equity Trust 2006-3)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Trust Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Serviced Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Trust Custodial Account on or before any future Remittance Date if funds in the Trust Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s 's right to (i) pass through late collections on the related Serviced Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Serviced Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Serviced Mortgage Loan unless Loans. The Servicer may enter into a facility with any person which provides that such person (an "Advancing Person") may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer's obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer deems under Section 3.04 if such Monthly Advances or Servicing Advance to be non-recoverable, as evidenced were funded by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2001-Bc5)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 3.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance Advances to be non-recoverableunrecoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.. ARTICLE V.
Appears in 1 contract
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-5)
Monthly Advances by Servicer. On No later than the Business Day immediately preceding each Remittance close of business on the Determination Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 4.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that the Servicer shall not make Monthly Advances or Servicing Advances if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, REO Disposition Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 1 contract
Monthly Advances by Servicer. On No later than the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding related Determination DateDate or which were deferred pursuant to Section 4.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Purchaser required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the earlier of: (i) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; and (ii) the Remittance Date prior to the date the Mortgage Loan unless is converted to REO Property, provided however, that if requested by a Rating Agency in connection with a securitization, the Servicer deems shall be obligated to make such Monthly Advance advances through the Remittance Date prior to be non-recoverablethe date on which cash is received in connection with the liquidation of REO Property to the extent provided for in the related Reconstitution Agreement; provided, however, that any such obligation under this Section 5.03 shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan are Nonrecoverable Advances, as evidenced by an Officer’s 's Certificate of the Servicer delivered to the Master Purchaser by the Servicer.
Appears in 1 contract
Samples: Flow Servicing Agreement (Luminent Mortgage Trust 2006-7)
Monthly Advances by Servicer. On No later than the Business Day immediately preceding each Remittance close of business on the Determination Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Scheduled Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding related Determination DateDate or which were deferred. Any amounts held for future distribution and so used shall be replaced by the Servicer Company by deposit in the Custodial Account on or before any future Servicer Remittance Date if funds in the Custodial Account on such Servicer Remittance Date shall be less than remittances payments to the Master Servicer required to be made on such Servicer Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The ServicerCompany’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Scheduled Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the earlier of: (a) the last Servicer Remittance Date prior to the Servicer Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; and (b) the Servicer Remittance Date prior to the date the Mortgage Loan unless is converted to REO Property; provided, however, that any such obligation under this Section 7.3 shall cease if the Servicer deems determines, in its sole reasonable opinion, that advances with respect to such Monthly Advance Mortgage Loan are non-recoverable by the Servicer from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to be a particular Mortgage Loan. In the event that the Servicer determines that any such advances are non-recoverable, as evidenced the Servicer shall provide the Master Servicer with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master ServicerCompany evidencing such determination.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (FBR Securitization, Inc.)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer Guarantor upon request. No provision The Guarantor, in this Agreement its reasonable judgment, shall have the right to require the Servicer to remit from its own funds to the Custodial Account an amount equal to all Monthly Advances previously made out of funds held in the Custodial Account and not previously reimbursed from collections on the Mortgage Loans, and in such event, the Servicer shall thereafter remit all Monthly Advances from its own funds. In no event shall the preceding sentence be construed as limiting the Servicer’s 's right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds insurance proceeds and Condemnation Proceedscondemnation proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerLoans.
Appears in 1 contract
Samples: Servicing Agreement (Amortizing Resi Collateral Tr Mor Pas Thru Cert Ser 2000-Bc3)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account remit from its own funds or from amounts held for future distribution, or both, distribution an amount equal to the interest portion of all Monthly Payments that were (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interesti) which were due on the Mortgage Loans Receivables during the applicable Due Collection Period and which that were Delinquent delinquent at the close of business on the last day of the Collection Period immediately preceding Determination Datesuch Remittance Date or (ii) not due during the applicable Collection Period because payment in the Collection Period was deferred by the Servicer (including for this purpose, any extension made in connection with a pass-a-payment coupon). Any amounts held for future distribution and so used in the manner provided in the preceding sentence shall be replaced reimbursed by the Servicer by deposit in the Custodial Account on or before any future Remittance Date Date, if funds in the Custodial Account available on such Remittance Date shall be less than remittances to the Master Servicer payments required to be made to the Purchaser on such Remittance Date. The Notwithstanding the foregoing, the Servicer shall keep appropriate records of such not be permitted to make any Monthly Advances pursuant to this Section 5.03 from amounts held for future distribution, and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement instead shall be construed as limiting the Servicer’s right required to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such make all Monthly Advances from late collections on its own funds, unless the related Mortgage LoansServicer shall have a long-term credit rating of at least "A" by Standard & Poor's and "A2" by Moody's. The Servicer’s obligation to make 's obligatiox xx xxke such Monthly Advances as to any Mortgage Loan will Receivable shall continue through the earlier to occur of (i) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, Receivable or through (ii) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Receivable; provided, however, that if requested by a Rating Agency in connection with a Pass-Through Transfer, the Servicer deems shall be obligated to make such Monthly Advance Advances through the Remittance Date prior to be the date on which cash is received in connection with the liquidation of the related Financed Vehicle; provided, further, however, that the obligation to pay Monthly Advances shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Receivable are non-recoverable, as evidenced recoverable by an Officer’s Certificate of the Servicer delivered from Liquidation Proceeds or otherwise from amounts allocable to the Master Servicerinterest with respect to a particular Receivable.
Appears in 1 contract
Samples: Purchase and Servicing Agreement (Morgan Stanley Auto Loan Trust 2003-Hb1)
Monthly Advances by Servicer. On No later than the Business Day immediately preceding each Remittance Distribution Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Distribution Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding related Determination DateDate or which were deferred pursuant to Section 11.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Distribution Date if funds in the Custodial Account on such Remittance Distribution Date shall be less than remittances payments to the Master Servicer required to be made on such Remittance Distribution Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the earlier of: (i) the last Remittance Distribution Date prior to the Remittance Distribution Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; and (ii) the Distribution Date prior to the date the Mortgage Loan unless is converted to REO Property, provided however, that if requested by a Rating Agency in connection with a securitization, the Servicer deems shall be obligated to make such Monthly Advance advances through the Distribution Date prior to be non-recoverablethe date on which cash is received in connection with the liquidation of REO Property to the extent provided for in the related Reconstitution Agreement; provided, however, that any such obligation under this Section 11.33 shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan are Nonrecoverable Advances, as evidenced by an Officer’s 's Certificate of the Servicer delivered to the Master Servicer by the Servicer.
Appears in 1 contract
Samples: Reconstituted Servicing Agreement (Luminent Mortgage Trust 2006-7)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Serviced Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer Trustee required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer Trustee and the NIMS Insurer Guarantor upon request. No provision The Guarantor, in this Agreement its reasonable judgment, shall have the right to require the Servicer to remit from its own funds to the Custodial Account an amount equal to all Monthly Advances previously made out of funds held in the Custodial Account and not previously reimbursed from collections on the Serviced Mortgage Loans, and in such event, the Servicer shall thereafter remit all Monthly Advances from its own funds. In no event shall the preceding sentence be construed as limiting the Servicer’s 's right to (i) pass through late collections on the related Serviced Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Serviced Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Serviced Mortgage Loan unless Loans. The Servicer may enter into a facility with any person which provides that such person (an "Advancing Person") may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer's obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer deems under Section 3.04 if such Monthly Advances or Servicing Advance to be non-recoverable, as evidenced were funded by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Sr 2001-Bc4)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account remit from its own funds or from amounts held for future distribution, or both, distribution an amount equal to the interest portion of all Monthly Payments that were (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interesti) which were due on the Mortgage Loans Receivables during the applicable Due Collection Period and which that were Delinquent delinquent at the close of business on the last day of the Collection Period immediately preceding Determination Datesuch Remittance Date or (ii) not due during the applicable Collection Period because payment in the Collection Period was deferred by the Servicer (including for this purpose, any extension made in connection with a pass-a-payment coupon). Any amounts held for future distribution and so used in the manner provided in the preceding sentence shall be replaced reimbursed by the Servicer by deposit in the Custodial Account on or before any future Remittance Date Date, if funds in the Custodial Account available on such Remittance Date shall be less than remittances to the Master Servicer payments required to be made to the Purchaser on such Remittance Date. The Notwithstanding the foregoing, the Servicer shall keep appropriate records of such not be permitted to make any Monthly Advances pursuant to this Section 5.03 from amounts held for future distribution, and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement instead shall be construed as limiting the Servicer’s right required to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such make all Monthly Advances from late collections on its own funds, unless the related Mortgage LoansServicer shall have a long-term credit rating of at least "A" by Standard & Poor's and "A2" by Moody's. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will Receivable shall continue through the earlier to occur of (i) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, Receivable or through (ii) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Receivable; provided, however, that if requested by a Rating Agency in connection with a Securitization, the Servicer deems shall be obligated to make such Monthly Advance Advances through the Remittance Date prior to be the date on which cash is received in connection with the liquidation of the related Financed Vehicle; provided, further, however, that the obligation to pay Monthly Advances shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Receivable are non-recoverable, as evidenced recoverable by an Officer’s Certificate of the Servicer delivered from Liquidation Proceeds or otherwise from amounts allocable to the Master Servicerinterest with respect to a particular Receivable.
Appears in 1 contract
Samples: Purchase and Servicing Agreement (Morgan Stanley Auto Loan Trust 2004-Hb1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the Determination Date immediately preceding Determination Datesuch Remittance Date or which were deferred pursuant to Section 3.1(c). Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the earlier of: (i) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; and (ii) the Remittance Date prior to the date the Mortgage Loan unless is converted to REO Property, provided however, that if requested by a Rating Agency in connection with Pass-Through Transfer, the Company shall be obligated to make such advances through the Remittance Date prior to the date on which cash is received in connection with the liquidation of REO Property; provided, however, that such obligation shall cease if the Servicer deems determines, in its sole reasonable opinion, that advances with respect to such Monthly Advance Mortgage Loan are non-recoverable by the Servicer from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to be a particular Mortgage Loan. In the event that the Servicer determines that any such advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 1 contract
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Trust Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Trust Custodial Account on or before any future Remittance Date if funds in the Trust Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans. The Servicer may enter into a facility with any person which provides that such person (an "Advancing Person") may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Advancing Person shall be reimbursed to the Advancing Person by the Servicer deems in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance to be non-recoverable, as evidenced were funded by an Officer’s Certificate of the Servicer delivered to Servicer; provided that neither the Master Servicer, the Trustee, the NIMS Insurer or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Trust Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Trust Custodial Account on or before any future Remittance Date if funds in the Trust Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s 's right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans. The Servicer may enter into a facility with any person which provides that such person (an "Advancing Person") may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer's obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Advancing Person shall be reimbursed to the Advancing Person by the Servicer deems in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance to be non-recoverable, as evidenced were funded by an Officer’s Certificate of the Servicer delivered to Servicer; provided that neither the Master Servicer, the Trustee, the NIMS Insurer or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account remit from its own funds or from amounts held for future distribution, or both, distribution an amount equal to the interest portion of all Monthly Payments that were (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interesti) which were due on the Mortgage Loans Receivables during the applicable Due Collection Period and which that were Delinquent delinquent at the close of business on the last day of the Collection Period immediately preceding Determination Datesuch Remittance Date or (ii) not due during the applicable Collection Period because payment in the Collection Period was deferred by the Servicer (including for this purpose, any extension made in connection with a pass-a-payment coupon). Any amounts held for future distribution and so used in the manner provided in the preceding sentence shall be replaced reimbursed by the Servicer by deposit in the Custodial Account on or before any future Remittance Date Date, if funds in the Custodial Account available on such Remittance Date shall be less than remittances payments required to be made to the Master Servicer required to be made on such Remittance Date. The Notwithstanding the foregoing, the Servicer shall keep appropriate records of such not be permitted to make any Monthly Advances pursuant to this Section 5.03 from amounts held for future distribution, and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement instead shall be construed as limiting the Servicer’s right required to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such make all Monthly Advances from late collections on its own funds, unless the related Mortgage LoansServicer shall have a long-term credit rating of at least "A" by Standard & Poor's and "A2" by Moody's. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will xx xxx Receivable shall continue through the earlier to occur of (i) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, Receivable or through (ii) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Receivable; provided, however, that if requested by a Rating Agency in connection with a Pass-Through Transfer, the Servicer deems shall be obligated to make such Monthly Advance Advances through the Remittance Date prior to be the date on which cash is received in connection with the liquidation of the related Financed Vehicle; provided, further, however, that the obligation to pay Monthly Advances shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Receivable are non-recoverable, as evidenced recoverable by an Officer’s Certificate of the Servicer delivered from Liquidation Proceeds or otherwise from amounts allocable to the Master Servicerinterest with respect to a particular Receivable.
Appears in 1 contract
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, distribution or both, both an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer Trustee required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making make Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds insurance proceeds and Condemnation Proceedscondemnation proceeds) with respect to the related Mortgage Loan unless Loans. Notwithstanding the foregoing, no Monthly Advances or Servicing Advances shall be required to be made by the Servicer deems if such Monthly Advance to or Servicing Advance could, if made, be, in the Servicer's reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be non-recoverablea nonrecoverable advance, as shall be evidenced by an Officer’s 's Certificate of the Servicer delivered to the Master Depositor and the Trustee. The Servicer may enter into a facility with any person which provides that such person (an "Advancing Person") may fund Monthly Advances required under Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer's obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer if such Monthly Advances or Servicing Advance were funded by the Servicer.
Appears in 1 contract
Samples: Servicing Agreement (Amortizing Resi Collateral Tr Mort Pas Thru Cer Ser 2001-Bc1)
Monthly Advances by Servicer. On Not later than the close of business on the Business Day immediately preceding each Servicer Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments payments not previously advanced by the Servicer, whether or not deferred pursuant to Section 4.03(a), of principal (in due after the case of Simple Interest Cut-off Date) and interest not allocable to the period prior to the Cut-off Date, adjusted to the Net Mortgage LoansRate, solely the portion of the Monthly Payment attributable to interest) which were due on the a 217412 HomeBanc 2007-1 Pooling and Servicing Agreement Mortgage Loans during the applicable Due Period Loan and which were Delinquent delinquent at the close of business on the immediately preceding related Determination Date. Any amounts held for future distribution and so used shall be replaced by ; provided, however, that the Servicer by may use the Amount Held for Future Distribution (as defined below) then on deposit in the Custodial Account to make such Monthly Advances. The Servicer shall deposit any portion of the Amount Held for Future Distribution used to pay Monthly Advances into the Custodial Account on or before any future Servicer Remittance Date if to the extent that the funds that are available in the Custodial Account for remittance to the Master Servicer on such Servicer Remittance Date are less than the amount of payments required to be made to the Master Servicer on such Servicer Remittance Date. The “Amount Held for Future Distribution” as to any Servicer Remittance Date shall be less than remittances to the Master Servicer required to be made total of the amounts held in the Custodial Account at the close of business on such Remittance Date. The Servicer shall keep appropriate records the preceding Determination Date which were received after the Cut-off Date on account of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and Principal Prepayments received or made in the related Mortgage Loans in lieu month of making Monthly Advances or such Servicer Remittance Date, and (ii) reimburse itself for such payments which represent early receipt of Monthly Advances from late collections Payments of principal and interest due on a date or dates subsequent to the related Mortgage LoansDue Date. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Servicer Remittance Date prior to the Remittance Date for date on which the distribution of all Liquidation Proceeds and other payments or recoveries Mortgaged Property liquidates (including Insurance Proceeds and Proceeds, proceeds from the sale of REO Property or Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance advance to be non-recoverablea Nonrecoverable Advance. In such event, as evidenced by the Servicer shall deliver to the Master Servicer an Officer’s Certificate of the Servicer delivered to the Master Servicereffect that an officer of the Servicer has reviewed the related Mortgage File and has made the reasonable determination that any additional advances are nonrecoverable.
Appears in 1 contract
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s 's right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans. The Servicer may enter into a facility with any person which provides that such person (an "Advancing Person") may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, although no such facility shall reduce or otherwise affect the Servicer's obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Advancing Person shall be reimbursed to the Advancing Person in the same manner as reimbursements would be made to the Servicer deems under Section 3.04 if such Monthly Advances or Servicing Advance to be non-recoverable, as evidenced were funded by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Ass Sec Cor a R Col Tr MRT Ps THR CRT Ser 01-Bc6)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Determination Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments to the extent not allocable to the period prior to the Cut-off Date (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at delinquent as of the close of business on the immediately preceding Business Day prior to the related Determination DateDate or which were deferred pursuant to Section 3.1(c). Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Notwithstanding the foregoing, the Servicer shall keep appropriate records of such not be permitted to make any advances from amounts held for future distribution, and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement instead shall be construed as limiting required to make all advances from its own funds, unless the Servicer’s right to (i) pass through late collections on , its parent, or their respective successors hereunder shall have a long term credit rating of at least “A” by Fitch, Inc., or the related Mortgage Loans in lieu equivalent rating of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loansanother Rating Agency. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through of the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master Servicerevidencing such determination.
Appears in 1 contract
Samples: Servicing Agreement (GSR 2006-4f)
Monthly Advances by Servicer. On No later than the Business Day immediately preceding each Remittance close of business on the Determination Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Scheduled Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding related Determination DateDate or which were deferred. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Servicer Remittance Date if funds in the Custodial Account on such Servicer Remittance Date shall be less than remittances payments to the Master Servicer required to be made on such Servicer Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Scheduled Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the earlier of: (a) the last Servicer Remittance Date prior to the Servicer Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; and (b) the Servicer Remittance Date prior to the date the Mortgage Loan unless is converted to REO Property; provided, however, that any such obligation under this Section 7.3 shall cease if the Servicer deems determines, in its sole reasonable opinion, that advances with respect to such Monthly Advance Mortgage Loan are non-recoverable by the Servicer from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to be a particular Mortgage Loan. In the event that the Servicer determines that any such advances are non-recoverable, as evidenced the Servicer shall provide the Master Servicer with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered to the Master ServicerCompany evidencing such determination.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First NLC Securitization, Inc.)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest, in the case of Simple Interest Mortgage Loans) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account remit from its own funds or from amounts held for future distribution, or both, distribution an amount equal to the interest portion of all Monthly Payments that were (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interesti) which were due on the Mortgage Loans Receivables during the applicable Due Collection Period and which that were Delinquent delinquent at the close of business on the last day of the Collection Period immediately preceding Determination Datesuch Remittance Date or (ii) not due during the applicable Collection Period because payment in the Collection Period was deferred by the Servicer (including for this purpose, any extension made in connection with a pass-a-payment coupon). Any amounts held for future distribution and so used in the manner provided in the preceding sentence shall be replaced reimbursed by the Servicer by deposit in the Custodial Account on or before any future Remittance Date Date, if funds in the Custodial Account available on such Remittance Date shall be less than remittances to the Master Servicer payments required to be made to the Purchaser on such Remittance Date. The Notwithstanding the foregoing, the Servicer shall keep appropriate records of such not be permitted to make any Monthly Advances pursuant to this Section 5.03 from amounts held for future distribution, and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement instead shall be construed as limiting the Servicer’s right required to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such make all Monthly Advances from late collections on its own funds, unless the related Mortgage LoansServicer shall have a long-term credit rating of at least "A" by Standard & Poor's and "A2" by Moody's. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will ax xx xxy Receivable shall continue through the earlier to occur of (i) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, Receivable or through (ii) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Receivable; provided, however, that if requested by a Rating Agency in connection with a Securitization, the Servicer deems shall be obligated to make such Monthly Advance Advances through the Remittance Date prior to be the date on which cash is received in connection with the liquidation of the related Financed Vehicle; provided, further, however, that the obligation to pay Monthly Advances shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Receivable are non-recoverable, as evidenced recoverable by an Officer’s Certificate of the Servicer delivered from Liquidation Proceeds or otherwise from amounts allocable to the Master Servicerinterest with respect to a particular Receivable.
Appears in 1 contract
Samples: Purchase and Servicing Agreement (Morgan Stanley Auto Loan Trust 2004-Hb2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account remit from its own funds or from amounts held for future distribution, or both, distribution an amount equal to the interest portion of all Monthly Payments that were (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interesti) which were due on the Mortgage Loans Receivables during the applicable Due Collection Period and which that were Delinquent delinquent at the close of business on the last day of the Collection Period immediately preceding Determination Datesuch Remittance Date or (ii) not due during the applicable Collection Period because payment in the Collection Period was deferred by the Servicer (including for this purpose, any extension made in connection with a pass-a-payment coupon). Any amounts held for future distribution and so used in the manner provided in the preceding sentence shall be replaced reimbursed by the Servicer by deposit in the Custodial Account on or before any future Remittance Date Date, if funds in the Custodial Account available on such Remittance Date shall be less than remittances payments required to be made to the Master Servicer required to be made on such Remittance Date. The Notwithstanding the foregoing, the Servicer shall keep appropriate records of such not be permitted to make any Monthly Advances pursuant to this Section 5.03 from amounts held for future distribution, and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement instead shall be construed as limiting the Servicer’s right required to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such make all Monthly Advances from late collections on its own funds, unless the related Mortgage LoansServicer shall have a long-term credit rating of at least "A" by Standard & Poor's and "A2" by Moody's. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will tx xxx Xeceivable shall continue through the earlier to occur of (i) the last Monthly Payment due prior to the payment in full of the Mortgage Loan, Receivable or through (ii) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Receivable; PROVIDED, HOWEVER, that if requested by a Rating Agency in connection with a Pass-Through Transfer, the Servicer deems shall be obligated to make such Monthly Advance Advances through the Remittance Date prior to be the date on which cash is received in connection with the liquidation of the related Financed Vehicle; PROVIDED, FURTHER, HOWEVER, that the obligation to pay Monthly Advances shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Receivable are non-recoverable, as evidenced recoverable by an Officer’s Certificate of the Servicer delivered from Liquidation Proceeds or otherwise from amounts allocable to the Master Servicerinterest with respect to a particular Receivable.
Appears in 1 contract
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, distribution an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination DateDate or which were deferred pursuant to Section 4.01. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances payments to the Master Servicer Owner required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan; provided, however, that such obligation shall cease if the Servicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan unless are non-recoverable by the Servicer deems from Liquidation Proceeds, REO Disposition Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Servicer determines that any such Monthly Advance to be advances are non-recoverable, as evidenced the Servicer shall provide the Owner with a certificate signed by an Officer’s Certificate two officers of the Servicer delivered evidencing such determination. (jj) The second paragraph of Section 6.02 is modified by inserting the words “other than as a result of a modification of the Mortgage pursuant to the Master Servicerterms of this agreement or a liquidation of the Mortgaged Property pursuant to the terms of this agreement” after the words “by the Mortgage” in the first sentence of such paragraph. (kk) Section 6.04(i) and the number “(ii)” are deleted in their entirety.
Appears in 1 contract
Samples: Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust Series 2007-2)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Trust Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Trust Custodial Account on or before any future Remittance Date if funds in the Trust Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans; provided, however, the Servicer may cease to make Monthly Advances when it deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance. The Servicer may enter into a facility with any person which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, as evidenced although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person by the Servicer delivered in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Servicer; provided that neither the Master Servicer, the Trustee or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 1 contract
Samples: Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest, in the case of Simple Interest Mortgage Loans) (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. In addition, the Servicer shall have the right to reimburse itself for any unreimbursed Monthly Advances from amounts in the Custodial Account not required to be remitted to the Master Servicer on the next Remittance Date pursuant to Section 3.04(xiii). Any amounts held for future distribution and so used to make or reimburse itself for Monthly Advances shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision The Servicer will not be required to make any Advances with respect to reductions in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections amount of the monthly payments on the related Mortgage Loans due to reductions made by a bankruptcy court in lieu the amount of making Monthly Advances a Scheduled Payment owed by a borrower or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loansa Relief Act Reduction. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master ServicerServicer and the NIMS Insurer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Osi)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to the aggregate of all Monthly Advances relating to Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage LoansLoans or (iii) utilize an Advancing Person (as defined below). The Servicer’s obligation to Servicer shall make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Distribution Date prior to the Remittance Date for immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless Loans; provided, however, the Servicer shall cease to make Monthly Advances when it deems such Monthly Advance advances to be non-recoverableNonrecoverable Advances. The Servicer may enter into a facility with any person which provides that such person (an “Advancing Person”) may fund Monthly Advances required under this Section 4.03 and/or Servicing Advances, as evidenced although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such Monthly Advances and/or Servicing Advances. Any Monthly Advances and/or Servicing Advances made by an Officer’s Certificate of Advancing Person shall be reimbursed to the Advancing Person by the Servicer delivered in the same manner as reimbursements would be made to the Servicer under Section 3.04 if such Monthly Advances or Servicing Advance were funded by the Servicer; provided that neither the Master Servicer, the Trustee or the Trust Fund shall have any liability or obligation to make any payment to any Advancing Person, nor shall any of them have any liability for any Monthly Advances and/or Servicing Advances reimbursed to the Servicer rather than to an Advancing Person.
Appears in 1 contract
Samples: Subservicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1)
Monthly Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in with interest adjusted to the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interestLoan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverablea Nonrecoverable Advance, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2003-Gel1)