Monthly Advances by the Company. Not later than the close of business on the Business Day preceding each Remittance Date, the Company shall deposit in the Custodial Account an amount equal to all payments not previously advanced by the Company, whether or not deferred pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at the close of business on the related Determination Date; provided, however, that the Company may use the Amount Held for Future Distribution (as defined below) then on deposit in the Custodial Account to make such Monthly Advances. The Company shall deposit any portion of the Amount Held for Future Distribution used to pay Monthly Advances into the Custodial Account on any future Remittance Date to the extent that the funds that are available in the Custodial Account for remittance to the Purchaser on such Remittance Date are less than the amount of payments required to be made to the Purchaser on such Remittance Date. The "Amount Held for Future Distribution" as to any Remittance Date shall be the total of the amounts held in the Custodial Account at the close of business on the preceding Determination Date which were received after the Cut-off Date on account of (i) Liquidation Proceeds, Insurance Proceeds, and Principal Prepayments received or made in the month of such Remittance Date, and (ii) payments which represent early receipt of scheduled payments of principal and interest due on a date or dates subsequent to the related Due Date. The Company'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 Remittance Date prior to the date on which the Mortgaged Property liquidates (including Insurance Proceeds, proceeds from the sale of REO Property or Condemnation Proceeds) with respect to the Mortgage Loan unless the Company deems such advance to be nonrecoverable. In such event, the Company shall deliver to the Purchaser an Officer's Certificate of the Company to the effect that an officer of the Company has reviewed the related Mortgage File and has made the reasonable determination that any additional advances are nonrecoverable.
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Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2)
Monthly Advances by the Company. Not later than the close of business on On the Business Day immediately preceding each Remittance Date, the Company shall deposit in the Custodial Account from its own funds or from amounts held for future distribution an amount equal to all payments not previously advanced by the Company, whether or not deferred pursuant to Section 4.01, of principal Monthly Payments (due after the Cut-off Date) and with interest not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage Loan Remittance Rate, ) which were due on a the Mortgage Loan Loans during the applicable Due Period and which were delinquent at the close of business on the related Determination Date; provided, however, that Date immediately preceding such Remittance Date or which were deferred pursuant to Section 4.1. Any amounts held for future distribution and so used shall be replaced by the Company may use the Amount Held for Future Distribution (as defined below) then on by deposit in the Custodial Account to make such Monthly Advances. The Company shall deposit on or before any portion of the Amount Held for Future Distribution used to pay Monthly Advances into future Remittance Date if funds in the Custodial Account on any future such Remittance Date to the extent that the funds that are available in the Custodial Account for remittance shall be less than payments to the Purchaser on such Remittance Date are less than the amount of payments required to be made to the Purchaser on such Remittance Date. The "Amount Held Company shall have the right to deduct delinquent payments from amounts held for Future Distribution" future distribution as long as the Company, its parent, or their respective successors hereunder has a long-term credit rating of at least “A” by Fitch, Inc. (doing business as Fitch Ratings), “A” by Standard & Poor’s Ratings Group, a division of The XxXxxx-Xxxx Companies, Inc., and “A2” by Xxxxx’x Investors Service, Inc. If the long-term credit rating of the Company, its parent, or their respective successors hereunder are at any time below the ratings set forth in the directly preceding sentence, the Company shall no longer be permitted to make any Remittance Date advances from amounts held for future distribution, and instead shall be the total of the amounts held in the Custodial Account at the close of business on the preceding Determination Date which were received after the Cut-off Date on account of (i) Liquidation Proceeds, Insurance Proceeds, and Principal Prepayments received or made in the month of such Remittance Date, and (ii) payments which represent early receipt of scheduled payments of principal and interest due on a date or dates subsequent required to the related Due Datemake all advances from its own funds. The Company'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 date on which Remittance Date for the Mortgaged Property liquidates distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds, proceeds from the sale of REO Property or Proceeds and Condemnation Proceeds) with respect to the Mortgage Loan unless and (ii) the Company deems such advance Remittance Date prior to be nonrecoverable. In such eventthe date the Mortgage Loan is converted to REO Property, provided, however, that if requested by a Rating Agency in connection with a Securitization Transaction, the Company shall deliver 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 Company determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan are non-recoverable by the Company from Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise with respect to a particular Mortgage Loan. In the event that the Company determines that any such advances are non-recoverable, the Company shall provide the Purchaser an Officer's Certificate with a certificate signed by two officers of the Company to the effect that an officer of the Company has reviewed the related Mortgage File and has made the reasonable determination that any additional advances are nonrecoverableevidencing such determination.
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Samples: Custodial Agreement (GSR 2006-Ar2), Custodial Agreement (GSR Mortgage Loan Trust 2006-Ar1)