Monthly Advances by the Master Servicer. If the Servicer fails to remit any Monthly Advance required to be made pursuant to Section 3.15, the Master Servicer shall itself make, or shall cause the Successor Servicer to make, such Advance. If the Master Servicer determines that a Monthly Advance is required, it shall on the Business Day preceding the related Payment Date immediately following such Determination Date remit to the Securities Administrator from its own funds (or funds advanced by the applicable Servicer) for deposit in the Payment Account immediately available funds in an amount equal to such Monthly Advance. The Master Servicer shall be entitled to be reimbursed for all Monthly Advances made by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that a Monthly Advance is a Nonrecoverable Advance, the Master Servicer shall be under no obligation to make such Monthly Advance. If the Master Servicer determines that a Monthly Advance is a Nonrecoverable Advance, it shall, on or prior to the related Payment Date, deliver an Officer’s Certificate to the Indenture Trustee and the Securities Administrator to such effect.
Appears in 9 contracts
Samples: Servicing Agreement (Renaissance Home Equity Loan Trust 2007-1), Servicing Agreement (Renaissance Home Equity Loan Trust 2007-2), Servicing Agreement (Renaissance Home Equity Loan Trust 2006-3)
Monthly Advances by the Master Servicer. If the Servicer fails to remit any Monthly Advance required to be made pursuant to Section 3.15, the Master Servicer shall itself make, or shall cause the Successor Servicer to make, such Advance. If the Master Servicer determines that a Monthly Advance is required, it shall on the Business Day preceding the related Payment Distribution Date immediately following such Determination Date remit to the Securities Administrator from its own funds (or funds advanced by the applicable Servicer) for deposit in the Payment Distribution Account immediately available funds in an amount equal to such Monthly Advance. The Master Servicer shall be entitled to be reimbursed for all Monthly Advances made by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that a Monthly Advance is a Nonrecoverable Advance, the Master Servicer shall be under no obligation to make such Monthly Advance. If the Master Servicer determines that a an Monthly Advance is a Nonrecoverable Advance, it shall, on or prior to the related Payment Distribution Date, deliver an Officer’s Certificate to the Indenture Trustee and the Securities Administrator to such effect.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2007-3), Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2007-3), Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2004-4)
Monthly Advances by the Master Servicer. If the Servicer fails to remit any Monthly Advance required to be made pursuant to Section 3.15, the Master Servicer shall itself make, or shall cause the Successor Servicer to make, such Advance. If the Master Servicer determines that a Monthly Advance is required, it shall on the Business Day preceding the related Payment Date immediately following such Determination Date remit to the Securities Administrator from its own funds (or funds advanced by the applicable Servicer) for deposit in the Payment Account immediately available funds in an amount equal to such Monthly Advance. The Master Servicer shall be entitled to be reimbursed for all Monthly Advances made by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that a Monthly Advance is a Nonrecoverable Advance, the Master Servicer shall be under no obligation to make such Monthly Advance. If the Master Servicer determines that a Monthly Advance is a Nonrecoverable Advance, it shall, on or prior to the related Payment Date, deliver an Officer’s 's Certificate to the Indenture Trustee and the Securities Administrator to such effect.
Appears in 2 contracts
Samples: Servicing Agreement (Renaissance Mortgage Acceptance Corp), Servicing Agreement (Renaissance Home Equity Loan Trust 2005-1)